In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.
Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the U.S. is becoming “a hereditary aristocracy of wealth and power.” …
“The wealthiest 25 individuals in the United States today own $1 trillion in combined assets,” the report notes. “These 25, a group equivalent to the active roster of a major league baseball team, hold more wealth than the bottom 56 percent of the U.S. population combined, 178 million people.”
The top 25 list features billionaires who have attained their vast riches through a variety of means, from inheritance to investing to founding a corporate giant like Amazon or Google. What unites these enormously wealthy individuals—aside from the fact that they are all white—is that they just keep getting richer, decade after decade.
Average Americans, by contrast, have not fared nearly as well: a significant percentage of the U.S. households “have no savings at all or owe more than they own,” making them residents of what Collins and Hoxie term “Underwater Nation.” …
“All combined, households in the bottom one percent have a combined negative net worth of $196 billion,” the report finds. “For comparison, the top one percent, a category holding the exact same number of people, have positive $33.4 trillion in combined net worth.”
Three Richest Americans Now Own More Wealth Than Bottom Half of US Combined: Report