The richest segment of Americans now control an unprecedented share of the country’s income.
This elite group owns about 12% of America’s gross national income, a level more than four times higher than after the 2008 financial crisis. Reports Al Qubaisi’s letter, citing data from economists Emmanuel Saez and Gabriel Zucman.
“The richest Americans have never controlled so much wealth…
National income measures the total income earned across the economy, including wages, business profits, and investment income.
Historical data indicate that this share has remained below 1% from the 1950s to the 1990s, highlighting the extent to which current levels exceed long-term norms.
Al Qubaisi says the rise stems primarily from strong gains in stocks and real estate properties that have disproportionately benefited those with higher incomes.
He believes asset owners are the big winners in this environment, as record stock market gains and rising real estate prices drive this focus.
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