Posts Tagged ‘Wonkblog’

Study: Richest 1% Own 40% of the Country’s Wealth

December 19, 2017

The title of this post is identical to the titled of a Wonkblog piece by Christopher Ingraham in the 7 December 2017 issue of the Washington Post. Here is the current breakdown of wealth in the United States

Population    % of Wealth
Top 1%             40%
Next 4%           27%
Next 5%           12%
Next 10%         11%
Second 20%      8%
Middle 20%      2%
Fourth 20%       0%
Bottom 20%     -1% (negative net worth)

In 2010 Michael Norton and Dan Ariely surveyed more than 5500 people to find out how they thought wealth should be distributed in the United States

Population    % of Wealth
Top 20%         32%
Second 20%   22%
Middle 20%   21%
Fourth 20%   13%
Bottom 20%   11%

Now here is a summary of how wealth is distributed around the world. It shows how much of their domestic wealth the top 1% owns in their respective countries,

Country            % of Wealth
United States       40%
Germany               25%
France                   18%
United Kingdom 18%
Canada                  16%
Finland                  12%

So the distribution of wealth in the United States is frighteningly unequal.
It is both unhealthy and dangerous.
The next tax bill exacerbates this problem.

Here is a relevant simile.

Money is like manure. It needs to be spread around.