The Federal Reserve Board’s Recent Figures on the Outrageous Unequal Distribution of Wealth

The wealthiest 1% held 23.3% of the nation’s total wealth in 1989. That amount grew to 31.1% as of the first quarter of 2019. The share of the wealthiest 10% that includes the top 1% went from 60.8% to 70.1% meaning that over 80% of the increase in the share of the top 10%’s net wealth ended up in the pockets of the top 1% with most presumably going to the wealthiest among the top 1%.

These figures also indicate that the poorest 90% of the U.S. population share of the country’s net wealth declined during this period from 39.2% to 29.9% for a drop of almost 25%. Furthermore, starting during the Obama administration in 2014, for the first time since 1989, the share of the wealth held by the richest 1% exceeded the amount held by the poorest 90% of the U.S. population.