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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.

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this post was submitted on 14 Dec 2023
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