Re:Billionaires Build
by oblio on Friday December 04, 2020 @03:52PM
(#25307773)
Well, expand that category to include every billionaire and also everyone above 100 million, as an arbitrary figure that most people will never make throughout their lives. I imagine that percentage will go up immensely.
[ Parent
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Two thirds of wealth in America is owned by the bottom 99th percentile, i.e. households with less than $12 million net worth.[1] A near majority of wealth is owned by the 90th-99th percentile, i.e. households with between $1-12 million net worth.
By far the biggest source of wealth inequality is the division between the top and bottom 50th percentile, who have essentially zero wealth. The uber-wealthy may be rich on an individual basis, but in aggregate they still hold constitute significantly less than run-in-the-mill retirees, dentists, and actuaries.
[1]https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...
Re:Billionaires Build
by jessaustin on Friday December 04, 2020 @08:03PM
(#25310553)
That seems like a confused way of saying that those who are at least millionaires have 80% of the wealth.
It's much easier for a billionaire to hire lobbyists to protect his latest exploitative venture than it is for some dentist to do so. That's why the 1% held 30% of the total thirty years ago and they hold 40% now. That is a dark trend.