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5 Facts about the Wealthiest 1 Percent

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Author Topic: 5 Facts about the Wealthiest 1 Percent  (Read 219 times)
Britany Lincicum
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« on: October 15, 2011, 07:19:05 pm »

FACT #1: The wealthiest 1 percent of households own 34.6 percent of all privately held wealth, and 42.7 percent of all financial wealth (total net worth minus the value of one's home).

Meanwhile, according to the NYU economist Edward Wolff a 2010 report, the bottom 80 percent of the population holds just 15 percent of the total wealth and only 7 percent of the total financial wealth (as a large portion of their wealth is tied up in their homes). The bottom 40 percent of Americans — that's 120 million people — hold just 0.3 percent of the wealth.

The wealth inequality is not solely because of the inheritance of "old money" among the wealthiest Americans; there is also an extreme and growing inequality in the distribution of incomes. While the top 1 percent of earners earned 12.8 percent of the total national income in 1982, their share rose to 21.3 percent in 2006, a level not seen since the Depression era. Today, an American in the top 1 percent takes in an average of $1.3 million per year, while the average American earns just $33,000 per year. [Wealth distribution pie chart]
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