America’s Superrich: My How You’ve Grown
1% wealthiest segment up 40% since 1989
Mind the gap. In the U.S., the space between the haves and the have-nots is wider than ever as the rich are getting richer, a chief economist for Deutsche Bank Securities, tells MarketWatch.
According to Torsten Sløk, of Deutsche Bank, the distribution of wealth among American households has become ever more disproportionate in the last ten years. The most current numbers show it: In 2018, the richest 10% of U.S. Households accounted for 70% of all of the nation’s wealth. That’s up from 60% in 1989, according to a Federal Reserve study. The same research, the news site notes, found that “the share of the wealth among the richest 1% increased to 32% from 23% over the same period.”
What’s on tap for the next ten years when it comes to this disparity is unclear, but the vast divide in wealth has heated up the debate about the merits of capitalism, “the beating heat of the U.S.’s financial system,” reports MarketWatch.
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