50 Richest Americans Are Worth As Much As The Poorest 165 Million

  • The 50 richest Americans now hold almost as much wealth as half of the U.S., as Covid-19 transforms the economy in ways that have disproportionately rewarded a small class of billionaires.
  • New data from the U.S. Federal Reserve, a comprehensive look at U.S. wealth through the first half of 2020, show stark disparities by race, age and class. While the top 1% of Americans have a combined net worth of $34.2 trillion, the poorest 50% — about 165 million people — hold just $2.08 trillion, or 1.9% of all household wealth.
  • Covid-19 has exacerbated inequality in the U.S., with job losses falling heavily on low-wage service workers and the virus disproportionately infecting and killing people of color. Meanwhile, many upper-middle class professionals are working from home, watching their retirement accounts rise in value after the U.S. Treasury and Fed pumped stimulus into the economy and markets.

See full story here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s