The 1% hasn’t controlled this much wealth since before the Great Depression

The top 1% took home 22% of all income in 2015.


From MarketWatch:

The gap between the rich and the poor in America has ballooned over the last several decades.

In 2015, the top 1% of Americans made 26.3 times as much income as the bottom 99 percent — an increase from 2013, when they earned 25.3 times as much, according to a recent study released by the Economic Policy Institute, a left-leaning Washington, D.C. think tank.

A family needed an annual income of $421,926 to be part of the 1% nationally, the study said, but in some states the threshold was higher. The top 1% of Americans took home more than 22% of all income in 2015, the study found. That’s the highest share since a peak of 23.9% just before the Great Depression in 1928.

On Wednesday, Amazon founder Jeff Bezos became the richest person of the modern era as his wealth surpassed $150 billion.

The fortunes of people like Bezos and those made on Wall Street, in Hollywood and Silicon Valley fuel much of wealth inequality in the U.S., but the issue affects most of the country, the report showed. The incomes of the top 1% grew faster than the bottom 99% in 43 states between 2009 and 2015. In nine states in the U.S., the top 1% represents more than half of all income growth.

Meanwhile, the median net worth of Americans currently hovers at $68,828 per household. One in five Americans say they have more credit-card debt than they do in emergency savings and less than 40% of Americans say they have enough savings to cover a $1,000 emergency room visit or car repair…

Continue reading at MarketWatch…

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