Richest 50 Americans now have as much wealth as bottom 165 million

October 11th, 2020

Awake Goy

The Federal Reserve released data this week on US household wealth that documents the acceleration of wealth inequality during the COVID-19 pandemic.

A large homeless encampment near downtown St. Louis [Credit: AP Photo/Jeff Roberson]

In the second quarter of 2020, the bottom 50 percent of households—some 165 million people—held $2.08 trillion, or $12,600 per person, while the richest one percent of the population controlled $34.2 trillion, i.e., over $10.4 million per person. In percentile terms, the top one percent of the population held 30.5 percent of all wealth, while the bottom 50 percent controlled only 1.9 percent.

According to aBloomberganalysis of the data, the richest 50 Americans now have as much wealth as the bottom half of the population. The increased concentration of wealth at the top in the course of 2020 is the result of the unprecedented injection of money into the stock market by…

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