Friday, December 8, 2017

America's richest 1% owns 40% of country's wealth : study

America's richest 1% owns 40% of country's wealth
America's richest one percent own a whopping 40 percent of the country's wealth, a new study has revealed. The finding marks a widening gap between rich and poor in the United States.

The paper, written by economist Edward N. Wolff, used data from the federal Survey of Consumer Finances. The data showed that the wealth owned by the one percent shot up by nearly three percentage points since 2013, from 36.7 percent to 39.6 percent. That number represents the most wealth owned by the one-percenters since at least 1962.

Meanwhile, wealth owned by the bottom 90 percent has decreased. As a result, the top one percent of households now own more than the bottom 90 percent combined. The top 20 percent own 89.9 percent of the wealth.

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