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

[Muhammed45]

America's richest 1% owns 40% of country's wealth - study
Published time: 8 Dec, 2017 15:46
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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.

Read more
Gap between rich & poor in US among highest of major industrial countries – report
To better understand the numbers, Wolff breaks down the percentages in terms of net wealth. The average net worth of the top one percent equaled $26.4 million in 2016. That's compared to an average net wealth of -$8,900 from the bottom 40 percent.

"The percentage increase in net worth from 1983 to 2016 was much greater for the top wealth groups than for those lower in the distribution... all in all, the greatest gains in wealth were enjoyed by the upper 20 percent, particularly the top 0.1 [percent]," Wolff wrote in the paper.

The number represents a widening in the wealth gap in the United States, with Wolff noting that income inequality rose by 24.5 percent between 1983 and 2016. He also broke down the disparity between races, noting that average net worth climbed by 73 percent for white households between 1983 and 2001. However, it only rose by 31 percent for black households.

The economist also addressed the impact of the Great Recession, saying it hit "like a tsunami" and "hit African-American households much harder than whites." He also noted that young households were particularly "pummeled."

Wolff's findings come just weeks after a Credit Suisse report found that the richest one percent of people across the globe have more money than the poorest half of the world's population. It noted that the wealthiest one percent owned 42.5 percent of global wealth in 2008.

 

[Muhammed45]

https://www.rt.com/usa/412483-one-percent-wealth-gap/

 

[Beny Karachun]

So what, commie?
Jealous?

 

[Hamartia Antidote]

Lol at RT

https://www.npr.org/sections/parall...k-wealth-disparity-is-bad-here-look-at-russia

If You Think Wealth Disparity Is Bad Here, Look At Russia

You've seen the headlines:

Top 1 percent took record share of 2012 U.S. income

How income inequality hurts America

Gatsby Stays on Farm as Income Gap Limits Social Mobility

But while income inequality in this country may be growing, the U.S. has nothing on Russia, according to a new report by investment bank Credit Suisse.

Russia, the bank says, has the highest rate of inequality in the world – barring some small Caribbean islands.

Just how bad is it? Thirty-five percent of household wealth in the country is in the hands of 110 people (Yes, that's right — 110.).

There's more: There's one Russian billionaire for every $11 billion in household wealth in the country. Worldwide, that number is one for every $170 billion in household wealth.

What's more troubling, the report says, is that when exchange rates are factored in, the average wealth of Russians has been falling since 2007, or just before the global economic crisis began.

All but one of the 26 Russian billionaires named in 2005 remained on the list in 2010 – a higher survival rate, the report said, than most other economies.

the report said.

Here's more from the report:

"At the time of transition there were hopes that Russia would convert to a high skilled, high income economy with strong social protection programs inherited from Soviet Union days. This is almost a parody of what happened in practice. Efforts were made at the outset to distribute state assets equitably: most of the housing stock was given away to residents and shares in Gazprom were allocated to Russian citizens. But other choice assets in resource-rich companies went to the chosen few, and subsequent developments in a nation notorious for weak institutions have reinforced the importance of political connections rather than entrepreneurial talent."

How Does The U.S. Compare?

The U.S. has recovered from the global financial crisis, the report says.

Americans account for 42 percent of the world's billionaires. Looking five years ahead, the report forecasts that the U.S. still will have the highest aggregate wealth globally in 2018, with total net worth approaching $100 trillion.

Credit Suisse did not directly address wealth inequality in the U.S., but recent data from the Internal Revenue Service showed that the gap between the richest 1 percent and the rest of the population is the widest since the 1920s.

The Associated Press noted that the wealthiest Americans earned more than 19 percent of all household income last year. The AP reports:

"Economists point to several reasons for widening income inequality. In some industries, U.S. workers now compete with low-wage labor in China and other developing countries. Clerical and call-center jobs have been outsourced to countries such as India and the Philippines.

"Increasingly, technology is replacing workers in performing routine tasks. And union power has dwindled. ... The changes have reduced costs for many employers. That is one reason corporate profits hit a record this year as a share of U.S. economic output, even though economic growth is sluggish and unemployment remains at a high 7.2 percent."

 

[VCheng]

Lol at RT

https://www.npr.org/sections/parall...k-wealth-disparity-is-bad-here-look-at-russia

If You Think Wealth Disparity Is Bad Here, Look At Russia

You've seen the headlines:

Top 1 percent took record share of 2012 U.S. income

How income inequality hurts America

Gatsby Stays on Farm as Income Gap Limits Social Mobility

But while income inequality in this country may be growing, the U.S. has nothing on Russia, according to a new report by investment bank Credit Suisse.

Russia, the bank says, has the highest rate of inequality in the world – barring some small Caribbean islands.

Just how bad is it? Thirty-five percent of household wealth in the country is in the hands of 110 people (Yes, that's right — 110.).

There's more: There's one Russian billionaire for every $11 billion in household wealth in the country. Worldwide, that number is one for every $170 billion in household wealth.

What's more troubling, the report says, is that when exchange rates are factored in, the average wealth of Russians has been falling since 2007, or just before the global economic crisis began.

All but one of the 26 Russian billionaires named in 2005 remained on the list in 2010 – a higher survival rate, the report said, than most other economies.

the report said.

Here's more from the report:

"At the time of transition there were hopes that Russia would convert to a high skilled, high income economy with strong social protection programs inherited from Soviet Union days. This is almost a parody of what happened in practice. Efforts were made at the outset to distribute state assets equitably: most of the housing stock was given away to residents and shares in Gazprom were allocated to Russian citizens. But other choice assets in resource-rich companies went to the chosen few, and subsequent developments in a nation notorious for weak institutions have reinforced the importance of political connections rather than entrepreneurial talent."

How Does The U.S. Compare?

The U.S. has recovered from the global financial crisis, the report says.

Americans account for 42 percent of the world's billionaires. Looking five years ahead, the report forecasts that the U.S. still will have the highest aggregate wealth globally in 2018, with total net worth approaching $100 trillion.

Credit Suisse did not directly address wealth inequality in the U.S., but recent data from the Internal Revenue Service showed that the gap between the richest 1 percent and the rest of the population is the widest since the 1920s.

The Associated Press noted that the wealthiest Americans earned more than 19 percent of all household income last year. The AP reports:

"Economists point to several reasons for widening income inequality. In some industries, U.S. workers now compete with low-wage labor in China and other developing countries. Clerical and call-center jobs have been outsourced to countries such as India and the Philippines.

"Increasingly, technology is replacing workers in performing routine tasks. And union power has dwindled. ... The changes have reduced costs for many employers. That is one reason corporate profits hit a record this year as a share of U.S. economic output, even though economic growth is sluggish and unemployment remains at a high 7.2 percent."

Look at the "bright" side: these good-for-nothing rich Murrikans will suffer the most when all their dollars become worthless upon its death.

Meanwhile, the Russian Kleptocracy shows the world how to do it "better".

 

[Hamartia Antidote]

Look at the "bright" side: these good-for-nothing rich Murrikans will suffer the most when all their dollars become worthless upon its death.

Meanwhile, the Russian Kleptocracy shows the world how to do it "better".

LOL! They are comparing 3 million people in the US yet just 110 people in Russia control a lot.

 

[VCheng]

They are comparing 3 million people in the US yet just 110 people in Russia controls a lot.

Those 110 Russians are noble people who are striving to spread the ideals of Communism, while those 3 million greedy Murrikans are filthy Capitalists who are exploiting every one. See the difference?

 

[Hamartia Antidote]

Those 110 Russians are noble people who are striving to spread the ideals of Communism, while those 3 million greedy Murrikans are filthy Capitalists who are exploiting every one. See the difference?

I believe Animal Farm summed it up by saying “all are equal...except a few are more equal than others”

 

[somebozo]

They also pay the highest rate of taxes..
Burger flippers making minimum wage dont fall under minimum tax brackets..

 

[nang2]

ownership isn't the important aspect. It is the power of disposal that comes with it. In China, the wealth was owned by all people (at least on paper), but the high ranking officials, who made less than 1% of population, controlled more than 40% of total assets.