Another jaw-dropping report was released this week that draws attention to the staggering wealth of just a small handful of people as compared to everyone else. America’s richest one percent now own more wealth than the poorest 90 percent of the entire country—combined. Indeed, according to the most recent data by economist Edward N. Wolff, this very elite group of people owns nearly half of the entire country’s wealth.
The paper, written by economist Edward N. Wolff, used data from the federal Survey of Consumer Finances. The data showed that the wealth owned by the one percent shot up by nearly three percentage points since 2013, from 36.7 percent to 39.6 percent. That number represents the most wealth owned by the one-percenters in over five decades.