America’s wealthiest people now hold an unprecedented share in the nation’s history.
This elite group owns 12% of the total US income, a level more than four times higher than after the 2008 financial crisis, reports Kobeissi’s letter, with details from economists Emmanuel Saez and Gabriel Zucman.
“Never before have the richest people in America controlled so much wealth…
Global income measures all income in the economy as a whole, including wages, business profits, and income. “
History shows that this share stayed below 1% from the 1950s to the 1990s, confirming how current levels are continuing past long-term trends.
Kobeissi says the increase is largely due to increased investment in commercial and real estate that has disproportionately benefited high-income earners.
They believe that property owners are the biggest winners in the area because the good market reputation and rising real estate prices keep people from suffering.
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