'Enormous crisis': An 'eye-popping' analysis shows top 1 percent gained $21 trillion in wealth — while bottom half lost $900 billion

'Enormous crisis': An 'eye-popping' analysis shows top 1 percent gained $21 trillion in wealth — while bottom half lost $900 billion
Amazon CEO Jeff Bezos/Twitter

Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis published Friday found that the top one percent of Americans gained $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion.


Matt Bruenig, founder of the left-wing think tank People's Policy Project, broke down the Federal Reserve's newly released "Distributive Financial Accounts" data series and found that, overall, "the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets."

The growth of wealth inequality over the past 30 years, Bruenig found, is "eye-popping."

"Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion," Bruenig wrote. "The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period."

"Enormous crisis," Rep. Pramila Jayapal (D-Wash.) tweeted in response to Bruenig's analysis.

"We have the worst inequality in this country since the 1920s," wrote Jayapal, co-chair of the Congressional Progressive Caucus. "Three wealthiest people in America have as much wealth as the bottom 50 percent."

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.