96
Top 1% of u.s. earners now have more wealth than the middle class (media.mas.to)
submitted 10 months ago by yogthos@lemmy.ml to c/us_news@lemmygrad.ml
23 comments fedilink hide all child comments

cross-posted from: https://lemmy.ml/post/9299269

https://www.usatoday.com/story/money/2023/12/06/top-1-american-earners-more-wealth-middle-class/71769832007/

you are viewing a single comment's thread
view the rest of the comments
[-] WaterBowlSlime@lemmygrad.ml 24 points 10 months ago

The top 1% holds $38.7 trillion in wealth. That’s more than the combined wealth of America’s middle class, a group many economists define as the middle 60% of households by income. Those households hold about 26% of all wealth.

Low-income Americans, representing the bottom 20% by income, own about 3% of the wealth.

So it's more like the top 1% owns as much wealth as the entire rest of the country.

[-] keepcarrot@hexbear.net 6 points 10 months ago

There's a 19% gap between the "middle 60%" and the 1% that has a bunch of money.

Idk who has decided these numbers or why they're significant. Seems pretty arbitrary

[-] WaterBowlSlime@lemmygrad.ml 5 points 10 months ago

This article linked to this page to explain why they chose that definition of middle class. It's because statisticians like it so yeah, pretty arbitrary.

this post was submitted on 14 Dec 2023
96 points (97.1% liked)

US News

2022 readers
40 users here now

News from within the empire - From a leftist perspective

founded 5 years ago
MODERATORS
muad_dibber@lemmygrad.ml