In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.
Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the US is becoming “a hereditary aristocracy of wealth and power.”
“Over recent decades, an incredibly disproportionate share of America’s income and wealth gains has flowed to the top of our economic spectrum. At the tip of that top sit the nation’s richest 400 individuals, a group that Forbes magazine has been tracking annually since 1982,” write IPS’s Chuck Collins and Josh Hoxie, the report’s authors. “Americans at the other end of our economic spectrum, meanwhile, watch their wages stagnate and savings dwindle.”