The United States’ economic growth has reached a 100-year high.
The wealthiest 0.00001% of Americans now own 12% of the nation’s income, three times the Gilded Age wealth, reports Money.
Economist Gabriel Zucman emphasizes that in 1910 the number stood at 4 percent, but today it is much higher.
“The focus is very low, very high, which is above 0.0001% which is really a very small number of people. Today it is about 19 families. It was four families in 1913. But this is where most of the things are happening today.”
According to Zucman, the rate of income inequality has increased over the past 50 years to favor the 1%. The economist adds that if the 19 richest people decided to spend all their wealth, they could buy about 10% of the value of all goods and services produced in the US in one year.
The United States now has 979 billionaires with a combined wealth of $5.7 trillion, the highest in the world. Forbes data demonstrations that 15 of the 20 richest people in the world live in the US.
Zucman also pointed out that the super-rich don’t spend their wealth in ways that benefit people with lower incomes.
“It’s just an illustration of the enormous economic power the rich have and the power they have in buying elections, buying media, lobbying, buying competitors.
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