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>A September 2017 study by the Federal Reserve reported that the top 1% owned 38.5% of the country's wealth in 2016. According to a June 2017 report by the Bost
by hobs 6y ago
>A September 2017 study by the Federal Reserve reported that the top 1% owned 38.5% of the country's wealth in 2016. According to a June 2017 report by the Boston Consulting Group, around 70% of the nation's wealth will be in the hands of millionaires and billionaires by 2021.
If we hit over 50% as predicted (and the last 12 months have been very beneficial to the upper classes), no, the middle class doesn't have the majority of the money.
>CBO Chart, U.S. Holdings of Family Wealth 1989 to 2013. The top 10% of families held 76% of the wealth in 2013, while the bottom 50% of families held 1%. Inequality worsened from 1989 to 2013.[1]
https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States https://en.wikipedia.org/wiki/Wealth_inequality_in_the_Unite...
- umanwizard 6y agoPeople with a net worth of 1M are definitely (upper-) middle class, unless we’re using that term in two totally different ways. I’d be curious what fraction of the total wealth is held by them as opposed to by the super-rich.
- viridian 6y agoWhere do you live that a net worth of 1MM is just upper middle class?
- umanwizard 6y agoThe USA. People with 1MM in net worth typically have professional-class jobs like doctor, lawyer, engineer, etc., and still need to work for a living.
- svrb 6y agoAnywhere where returns on $1 million is not enough to indefinitely sustain a lifestyle significantly above poverty level, so... anywhere in the US. Someone who is obligated to work to sustain their lifestyle is middle-class.