Wealth Inequality in America

gerri.songer's picture

VIEW VIDEO: https://youtu.be/dttG9aIa9RQ

The average income for the bottom 90% of the United States is $31,244. That’s $2,600 a month, $650 a week, $92 a day, and $11 an hour – BEFORE TAXES. The average cost of rent for a one-bedroom apartment in America is $984.

How rich are the Superrich?
The top 1% has more of the country’s wealth than 9 out of 10 Americans believe the entire top 20% should have.

In 2009, the entire wealth of the Unites States was approximately $54T. One percent of America has 40% of all the nation’s wealth. The bottom 80%, or 8 out of every 10 people, only have 7% of the country’s wealth between them. This has only gotten worse in the last 20 to 30 years.

While the richest 1% took home almost 25% of the national income in 2012, in 1976 they took home only 9%. Their share of income has nearly tripled in the last 30 years. The top 1% own half the country’s stocks, bonds, and mutual funds. The bottom 50% of Americans own only 0.5% of these investments, which means they’re not investing – they’re just scraping by.

The CEO now makes 380 times the average worker’s pay, not the lowest paid employee, but the average earner in his company. The average worker needs to work more than a month to make what the CEO earns in 1 hour.

The reality in this country is not at all what we think it is.

OTHER STATISTICS:

Latest Share of WORLD WEALTH Owned by Top 10%: U.S. 74%
Latest wealth data: U.S. 2010
SOURCE: Paris School of Economics – The World Top Incomes Database, Credit Suisse – Global Wealth Datebook 2013, J.P. Morgan Asset Management
Data are as of 11/25/13
Latest income data: U.S. 2012. Income excludes capital gains.
Average family income, excluding capital gains, adjusted for inflation (2012):

BOTTOM 90%: $30,439 (down -10.7% from 2002)
Top 5-10%: $130,990 (up 2.6% from 2002)
Top 1-5%: $216,947 (up 6.1% from 2002)
Top 0.5-1%: $441,423 (up 11.3% from 2002)
Top 0.1-0.5%: $837,377 (up 18.2% from 2002)
Top 0.01-0.1%: $2,782,303 (up 29.5% from 2002)
TOP 0.01%: $21,569,156 (up 76.2% from 2002)
SOURCE: The Wall Street Journal