"The collective wealth of the top 10 US billionaires has soared by $698bn in the past year, according to a new report from Oxfam America published on Monday on the growing wealth divide. The report warns that Trump administration policies risk driving US inequality to new heights, but points out that both Republican and Democratic administrations have exacerbated the US's growing wealth gap."
"Using Federal Reserve data from 1989 to 2022, researchers also calculated that the top 1% of households gained 101 times more wealth than the median household during that time span and 987 times the wealth of a household at the bottom 20th percentile of income. This translated to a gain of $8.35m per household for the top 1% of households, compared with $83,000 for the average household during that 33-year period."
Top 10 US billionaires’ collective wealth rose by $698bn in the past year. From 1989 to 2022 the top 1% of households gained 101 times more wealth than the median household and 987 times that of households in the bottom 20th percentile, equating to $8.35m per top-1% household versus $83,000 for the average household over 33 years. More than 40% of the population, including nearly 50% of children, are low-income with family earnings below 200% of the poverty line. Compared with 38 other high-income countries, the US ranks worst on relative poverty, child poverty and infant mortality, and near-bottom on life expectancy. Tax, safety-net, and labor protections have weakened, concentrating wealth and power.
Read at www.theguardian.com
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