Posted on Jun 23, 2021
The top 1% of Americans have about 16 times more wealth than the bottom 50%
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"The top 1% wealthiest Americans controlled about $41.52 trillion in the first quarter, according to Federal Reserve data released Monday. Yet the bottom 50% of Americans only controlled about $2.62 trillion collectively, which is roughly 16 times less than those in the top 1%."
The top 1% of Americans have about 16 times more wealth than the bottom 50%
Posted from cnbc.com
Wealth
Equality
Poverty
Posted >1 y ago
Responses: 2
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That's what happens when you work hard. You too can be rich.
The top 10% of all income earners also paid more in federal income tax than the whole bottom 90%. The bottom 50% paid about 3%.
The top 10% of all income earners also paid more in federal income tax than the whole bottom 90%. The bottom 50% paid about 3%.
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LTC Eugene Chu
"The study noted that wealth among America’s richest family dynasties ends up vastly rewarding family members who had nothing to do with earning the fortune, defying the defense that riches are an incentive for hard work and innovation. Instead, the riches are plowed into protections for family wealth, providing fewer benefits for society."
https://www.huffpost.com/entry/richest-family-wealth-gap-covid-19-report_n_60cfde62e4b0dd017428d80a
https://www.huffpost.com/entry/richest-family-wealth-gap-covid-19-report_n_60cfde62e4b0dd017428d80a
Money Is Piling Up For America's Family Dynasties
A new study warns of rapidly growing fortunes being concentrated in fewer hands that have never known hard work.
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Sgt (Join to see)
LTC Eugene Chu - And how was the family fortune made? It just sprouted up out of the ground or did someone work for it?
And you're maybe you're right. You shouldn't want to leave anything for your kids. You should try to make it as difficult as you possibly can for them.
And you're maybe you're right. You shouldn't want to leave anything for your kids. You should try to make it as difficult as you possibly can for them.
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Maj John Bell
LTC Eugene Chu - From the link:
"[Of] those with a net worth of $30 million or more. The report, which is based on 2018 data, “showed muted growth” in the number of ultra-wealthy people that year, “rising by 0.8% to 265,490 individuals,” says Wealth-X.
Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth."
https://www.cnbc.com/2019/09/26/majority-of-the-worlds-richest-people-are-self-made-says-new-report.html
"[Of] those with a net worth of $30 million or more. The report, which is based on 2018 data, “showed muted growth” in the number of ultra-wealthy people that year, “rising by 0.8% to 265,490 individuals,” says Wealth-X.
Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth."
https://www.cnbc.com/2019/09/26/majority-of-the-worlds-richest-people-are-self-made-says-new-report.html
Nearly 68% of the world's richest people are 'self-made,' says new report
A new report from Wealth-X says only 8.5% of the world's ultra-high-net-worth population — individuals with $30 million or more in net worth — inherited their money.
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Maj John Bell
LTC Eugene Chu - " defying the defense that riches are an incentive for hard work and innovation." That statement doesn't even make sense.
1) This is America. There is no reason to defend the accumulation of wealth.
2) Do you believe that hard work and innovation provides something other than financial success?
3) Wealthy spend their early career gaining financial security for themselves. Their middle career gaining financial security for their children and grandchildren and the end of their career building sustainable philanthropic foundations. But they spent their entire career dealing with people who have been less successful trying to get the government to cut the "beef from a live steer."
People who have not built sustainable financial security support the arts, community enrichment, and the underprivileged in teaspoons of money. The ultra wealthy do the same with firehoses of money.
1) This is America. There is no reason to defend the accumulation of wealth.
2) Do you believe that hard work and innovation provides something other than financial success?
3) Wealthy spend their early career gaining financial security for themselves. Their middle career gaining financial security for their children and grandchildren and the end of their career building sustainable philanthropic foundations. But they spent their entire career dealing with people who have been less successful trying to get the government to cut the "beef from a live steer."
People who have not built sustainable financial security support the arts, community enrichment, and the underprivileged in teaspoons of money. The ultra wealthy do the same with firehoses of money.
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