Skip to content
Search AI Powered

Latest Stories

New Study Reveals Just How Much The 400 Richest Americans Own Compared To The Nation's Poorest

New Study Reveals Just How Much The 400 Richest Americans Own Compared To The Nation's Poorest
Andrew Lichtenstein/Corbis via Getty Images // @Stevers0331 (Twitter)
Make us preferred on Google

EAT THE RICH.

You might want to once you hear just how rich they are.


According to a working paper by University of California at Berkeley, economist Gabriel Zucman, the 400 richest Americans (that's just .00025 percent of the population, by the way) own more than the 150 million adults in the bottom 60 percent.

Here's what Zucman's abstract on "Global Wealth Inequality" had to say:

Both surveys and tax data show that wealth inequality has increased dramatically since the 1980s, with a top 1% wealth share around 40% in 2016 vs. 25–30% in the 1980s. Second, I discuss the fast growing literature on wealth inequality across the world. Evidence points towards a rise in global wealth concentration: for China, Europe, and the United States combined, the top 1% wealth share has increased from 28% in 1980 to 33% today, while the bottom 75% share hovered around 10%. Recent studies, however, may under-estimate the level and rise of inequality, as financial globalization makes it increasingly hard to measure wealth at the top. I discuss how new data sources (leaks from financial institutions, tax amnesties, and macroeconomic statistics of tax havens) can be leveraged to better capture the wealth of the rich.

Even more sobering news: The share of the nation's wealth by the bottom 60 percent dropped from 5.7 percent in 1987 to 2.1 percent in 2014, according to information from the World Inequality Database that Zucman and other economists maintain.

"U.S. wealth concentration has followed a marked U-shaped evolution of the last century," Zucman writes, noting:

It was high in the 1910s and 1920s, with a particularly fast increase in the second half of the 1920s. The top 0.1% wealth share peaked at close to 25% in 1929. It then fell abruptly in the early 1930s (in the context of the Great Depression) and continued to fall gradually from the late 1930s to the late 1940s (in the context of the New Deal and the war economy). After a period of remarkable stability in the 1950s and 1960s, the top 0.1% wealth share reached its low-water mark in the 1970s, and since the early 1980s it has been gradually rising to close to 20% in recent years. U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties.

Zucman's paper comes as support for a proposal from Senator Elizabeth Warren (D-MA) to raise taxes on the super wealthy continues to gain traction.

According to a recent poll from Morning Consult, the vast majority of Americans support a wealth tax by a 60-21 margin, a number that includes majority support from Republican voters. Americans also support raising the marginal tax rate back up to 70 percent, as Representative Alexandria Ocasio-Cortez (D-NY) has suggested.

Such news has only galvanized people who'd like to see wealth inequality actually be addressed.




Warren herself posted the results of the Morning Consult poll after former Starbucks CEO and billionaire Howard Schultz dismissed her wealth tax proposal as "ridiculous."

"Dear Howard Schultz: if you're looking for bold ideas with broad bipartisan appeal for your 'centrist' presidential campaign, may I suggest my #UltramillionaireTax?" she tweeted, noting how the tax would provide avenues for such initiatives as student debt relief and health care.

Americans "don't want to replace a self-absorbed billionaire President with another one," she said. "Americans want real change. We should listen."



Ocasio-Cortez, meanwhile, has suggested going back to a marginal tax rate of 70 percent on income over $10 million, which she says her critics have mischaracterized as a tax on all income.

"You look at our tax rates back in the sixties and when you have a progressive tax rate system, your tax rate, let's say from zero to $75,000, maybe 10 percent or 15 percent, etc," she said during an interview last month. "But once you get to the tippy-tops — on your 10 millionth dollar — sometimes you see tax rates as high as 60 or 70 percent. That doesn't mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder, you should be contributing more."

More from News

Scott Foley attends the "Scream 7" Global Premiere at Paramount Pictures Studios.
Phillip Faraone/Getty Images for Paramount Pictures

Scott Foley Candidly Addresses Fans After Latest TV Show Cancellation Despite "Perfect Score' On Rotten Tomatoes

Scott Foley can't seem to catch a break.

From Scandal's Jake Ballard to Will Trent's Dr. Seth McDale and renewed attention surrounding his Scream 3 villain Roman Bridger, Foley's recent headlines have been filled with exits, farewells, and unexpected returns. Now, the actor is facing another setback after Prime Video pulled the plug on It's Not Like That after just one season.

Keep ReadingShow less
Two pictures of baked goods with overalys of nasty quotes from MAGA supporters.
@Hive Bakery/Facebook

Texas Bakery Overwhelmed With Support After Viral Post About MAGA Being A 'Cult'—And People Are Eating It Up

While the United States recently celebrated its 250th year, not everyone was feeling particularly patriotic during these trying, uncertain times.

Among those who didn't really feel like celebrating was the Hive Bakery in Flower Mound, Texas, run by Hayley Pop.

Keep ReadingShow less
Tiffany Haddish
Axelle/Bauer-Griffin/FilmMagic

Tiffany Haddish Hilariously Reacts To White House Spokesman Directly Commenting On Her Trump Joke

The Trump White House is basically never doing anything except publicly crashing out about anyone they perceive as too liberal.

So when Tiffany Haddish made a joke on Jimmy Kimmel Live! about how bad at his job Trump is, the Administration had no choice but to prove it by taking time to snipe back.

Keep ReadingShow less
Screenshot of Donald Trump
@atrupar/X

Trump Ridiculed After Claiming He's Been President 'Three Times'—And Who Wants To Tell Him?

President Donald Trump had people rolling their eyes after he said in response to a reporter at the NATO summit that he'd been president "three times" and won "three elections."

Trump has been president twice and lost the 2020 general election to then-candidate Joe Biden. Since then, he has continued to push the baseless lie that the election was "stolen" from him. Trump's supporters eventually attacked the U.S. Capitol on January 6, 2021, in a failed bid to overturn the election results.

Keep ReadingShow less
Donald Trump
Saul Loeb/AFP via Getty Images

White House Sparks Backlash With Cringey New 'Daddy's Home' Post About Trump On Social Media

The White House weirded out social media users after posting a photograph of President Donald Trump at the NATO summit in Ankara, Turkey, with the caption "Daddy's Home."

Trump has made headlines this week for having renewed not only his demand that the United States take control of Greenland but also threatened to sever trade ties with Spain, leaving NATO officials once again trying to ease tensions.

Keep ReadingShow less