The 0.1% holds about 15% of the nation’s total wealth, with average household wealth of over $200 million each
The ultrawealthy aren’t just pulling away from average Americans. Buoyed by a stock-market boom that has added trillions of dollars to their net worth, the extremely rich are even pulling away from other rich Americans.
The top 0.1% wealthiest Americans have seen their total wealth more than double since the end of 2019, according to new data from the Federal Reserve. The year the pandemic started was when the ultrawealthy began to pull away from other rich groups, according to a Wall Street Journal analysis of Fed data.
As of 2022, the minimum for the top 0.1% was $45.8 million, according to the most detailed data available from the Fed. With wealth among the group up by roughly 50% since then, that threshold is much higher now.
What people are shocked, even livid about, is not that there are very rich people. It’s the degree to which the separation has become. This is not hard to understand if you just try.
The vast majority of rebellions through the ages around the globe are/have been suppressed, with the lower classes more the worse for the wear. Lots of blood.