The concentration of wealth in the United States has reached levels not seen in 100 years.
The richest 0.00001% of Americans now own 12% of the national income, three times the peak of the Gilded Age. Reports the money.
Economist Gabriel Zucman highlights that in 1910 the figure was only 4%, but today it has risen significantly.
“The focus is on the very narrow top of the distribution, the top 0.0001%, which is a very small number of individuals. That’s about 19 families today. It was four families in 1913. But that’s where a lot of the action is taking place today.”
According to Zucman, income inequality has risen in the past 50 years to the advantage of the one percent of the population. The economist adds that if the 19 richest people decided to spend all their wealth, they could buy about 10% of the value of all goods and services produced in the United States in a given year.
The United States now boasts 979 billionaires with combined assets of $5.7 trillion, the highest in the world. Forbes data He appears 15 of the 20 richest people on the planet live in the United States.
Zucman also points out that wealthy people do not spend their wealth in a way that can benefit low-income individuals.
“It’s just an example of the overwhelming economic power that the rich have and the power that they have to buy elections, buy media, buy influence, buy competitors.”
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