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Top 1% of u.s. earners now have more wealth than the middle class (media.mas.to)
submitted 11 months ago by yogthos@lemmy.ml to c/us_news@lemmygrad.ml
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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/

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[-] WaterBowlSlime@lemmygrad.ml 24 points 11 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 11 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 11 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
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