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In aggregate, the 400 richest billionaires put together only constitutes 4% of the total wealth in America.[1][2] Even if you assume that power correlates perf

In aggregate, the 400 richest billionaires put together only constitutes 4% of the total wealth in America.[1][2] Even if you assume that power correlates perfectly with wealth, there's not really evidence that billionaires control anywhere near enough money to become a "permanent ruling class". [1]https://www.brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/ https://www.brookings.edu/blog/up-front/2019/06/25/six-facts... [2]https://en.wikipedia.org/wiki/List_of_Americans_by_net_worth https://en.wikipedia.org/wiki/List_of_Americans_by_net_worth

oblio 6y ago
Well, expand that category to include every billionaire and also everyone above 100 million, as an arbitrary figure that most people will never make throughout their lives. I imagine that percentage will go up immensely.
- dcolkitt 6y ago
  Two thirds of wealth in America is owned by the bottom 99th percentile, i.e. households with less than $12 million net worth.[1] A near majority of wealth is owned by the 90th-99th percentile, i.e. households with between $1-12 million net worth. By far the biggest source of wealth inequality is the division between the top and bottom 50th percentile, who have essentially zero wealth. The uber-wealthy may be rich on an individual basis, but in aggregate they still hold constitute significantly less than run-in-the-mill retirees, dentists, and actuaries. [1]https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/ https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...
  - jessaustin 6y ago
    That seems like a confused way of saying that those who are at least millionaires have 80% of the wealth. It's much easier for a billionaire to hire lobbyists to protect his latest exploitative venture than it is for some dentist to do so. That's why the 1% held 30% of the total thirty years ago and they hold 40% now. That is a dark trend.
confidantlake 6y ago
Why "only". 400 people controlling 4% of the wealth of a country of 300,000,000 is massive.
pazimzadeh 6y ago
Why 400

oblio 6y ago

Well, expand that category to include every billionaire and also everyone above 100 million, as an arbitrary figure that most people will never make throughout their lives. I imagine that percentage will go up immensely.

dcolkitt 6y ago
Two thirds of wealth in America is owned by the bottom 99th percentile, i.e. households with less than $12 million net worth.[1] A near majority of wealth is owned by the 90th-99th percentile, i.e. households with between $1-12 million net worth. By far the biggest source of wealth inequality is the division between the top and bottom 50th percentile, who have essentially zero wealth. The uber-wealthy may be rich on an individual basis, but in aggregate they still hold constitute significantly less than run-in-the-mill retirees, dentists, and actuaries. [1]https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/ https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...
- jessaustin 6y ago
  That seems like a confused way of saying that those who are at least millionaires have 80% of the wealth. It's much easier for a billionaire to hire lobbyists to protect his latest exploitative venture than it is for some dentist to do so. That's why the 1% held 30% of the total thirty years ago and they hold 40% now. That is a dark trend.

confidantlake 6y ago

Why "only". 400 people controlling 4% of the wealth of a country of 300,000,000 is massive.

pazimzadeh 6y ago

Why 400