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CBS anchor Tony Dokoupil shows Americans the wealth divide. (Photo: CBS/YouTube/screenshot)
Analysis Shows Nearly 80% of US Household Wealth Owned by Millionaires and Billionaires
"If we really want to tackle wealth inequality in this country, it is this wealth that we need to spread around."
Sep 28, 2020
In an analysis of 2019 government data released Monday, policy analyst and blogger Matt Bruenig found that last year, millionaires and billionaires owned 79.2% of all household wealth in the United States despite constituting just under 12% of the population.
Bruenig examined triennial data from the Survey of Consumer Finances, which was released Monday by the U.S. Federal Reserve.
\u201cFresh Survey of Consumer Finances data just released. Millionaires and billionaires continue to own 80 percent of all household wealth.\u201d— People's Policy Project (@People's Policy Project) 1601309924
While the share of wealth owned by households with net worths of $1 million or more decreased slightly between 2016 and 2019, it was still much higher than it was in 1989, the year the modern version of the survey began.
Thirty years ago, millionaires and billionaires owned 60.4% of all household wealth in the U.S.
"If we really want to tackle wealth inequality in this country," Bruenig wrote, "it is this wealth that we need to spread around."
Researchers at the People's Policy Project, where Bruenig is president, have proposed doing so through a social wealth fund.
\u201cIn 1989, millionaires & billionaires owned 60.4% of US wealth. They now hold 79.2%. By 2050, at this pace, they'll be near 99%. @MattBruenig @PplPolicyProj https://t.co/R7qWTAy0Es\u201d— Too Much (@Too Much) 1601313592
On a day in which the news cycle has been dominated by the revelations of the extent of President Donald Trump's tax evasion, others have focused on calling for the nation's wealthy elite to pay their fair share in taxes.
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Kenny Stancil
Kenny Stancil is senior researcher at the Revolving Door Project and a former staff writer for Common Dreams.
In an analysis of 2019 government data released Monday, policy analyst and blogger Matt Bruenig found that last year, millionaires and billionaires owned 79.2% of all household wealth in the United States despite constituting just under 12% of the population.
Bruenig examined triennial data from the Survey of Consumer Finances, which was released Monday by the U.S. Federal Reserve.
\u201cFresh Survey of Consumer Finances data just released. Millionaires and billionaires continue to own 80 percent of all household wealth.\u201d— People's Policy Project (@People's Policy Project) 1601309924
While the share of wealth owned by households with net worths of $1 million or more decreased slightly between 2016 and 2019, it was still much higher than it was in 1989, the year the modern version of the survey began.
Thirty years ago, millionaires and billionaires owned 60.4% of all household wealth in the U.S.
"If we really want to tackle wealth inequality in this country," Bruenig wrote, "it is this wealth that we need to spread around."
Researchers at the People's Policy Project, where Bruenig is president, have proposed doing so through a social wealth fund.
\u201cIn 1989, millionaires & billionaires owned 60.4% of US wealth. They now hold 79.2%. By 2050, at this pace, they'll be near 99%. @MattBruenig @PplPolicyProj https://t.co/R7qWTAy0Es\u201d— Too Much (@Too Much) 1601313592
On a day in which the news cycle has been dominated by the revelations of the extent of President Donald Trump's tax evasion, others have focused on calling for the nation's wealthy elite to pay their fair share in taxes.
Kenny Stancil
Kenny Stancil is senior researcher at the Revolving Door Project and a former staff writer for Common Dreams.
In an analysis of 2019 government data released Monday, policy analyst and blogger Matt Bruenig found that last year, millionaires and billionaires owned 79.2% of all household wealth in the United States despite constituting just under 12% of the population.
Bruenig examined triennial data from the Survey of Consumer Finances, which was released Monday by the U.S. Federal Reserve.
\u201cFresh Survey of Consumer Finances data just released. Millionaires and billionaires continue to own 80 percent of all household wealth.\u201d— People's Policy Project (@People's Policy Project) 1601309924
While the share of wealth owned by households with net worths of $1 million or more decreased slightly between 2016 and 2019, it was still much higher than it was in 1989, the year the modern version of the survey began.
Thirty years ago, millionaires and billionaires owned 60.4% of all household wealth in the U.S.
"If we really want to tackle wealth inequality in this country," Bruenig wrote, "it is this wealth that we need to spread around."
Researchers at the People's Policy Project, where Bruenig is president, have proposed doing so through a social wealth fund.
\u201cIn 1989, millionaires & billionaires owned 60.4% of US wealth. They now hold 79.2%. By 2050, at this pace, they'll be near 99%. @MattBruenig @PplPolicyProj https://t.co/R7qWTAy0Es\u201d— Too Much (@Too Much) 1601313592
On a day in which the news cycle has been dominated by the revelations of the extent of President Donald Trump's tax evasion, others have focused on calling for the nation's wealthy elite to pay their fair share in taxes.
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