Changes in US Wealth Distribution 1989-2019

[Harpy Eagle]

Not all that much.

So why were you surprised there are some on this site?

I am surprised at how many multi-millionaires we have. Seems we have far more than our share. Being in the top 10% is one thing, but the number of folks we have in the top 1% is remarkable.

 

[Toddsterpatriot]

I am surprised at how many multi-millionaires we have. Seems we have far more than our share. Being in the top 10% is one thing, but the number of folks we have in the top 1% is remarkable.

About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.

28 Millionaire Statistics: What percentage of Americans are millionaires?

How many millionaires are there in the US? Check out the latest stats to find out what percentage of Americans are millionaires.

spendmenot.com

 

[Harpy Eagle]

About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.

28 Millionaire Statistics: What percentage of Americans are millionaires?

How many millionaires are there in the US? Check out the latest stats to find out what percentage of Americans are millionaires.

spendmenot.com

And the guy above says he has more than 10 million worth of a single stock. Putting him in the top 1%. What are the odds multiple people in the top 1% would be a part of this tiny little forum?

 

[Toddsterpatriot]

And the guy above says he has more than 10 million worth of a single stock. Putting him in the top 1%. What are the odds multiple people in the top 1% would be a part of this tiny little forum?

Top 1%.....about 3 million Americans.

Not impossible.

 

[Harpy Eagle]

Top 1%.....about 3 million Americans.

Not impossible.

Not impossible, but improbable.

 

[Toddsterpatriot]

Not impossible, but improbable.

I have corrected his bad math several times.

It's possible he only owns 3500 shares. Possibly 350.

 

[Mikeoxenormous]

What concerns me a lot more than wealth disparity is attractiveness disparity ...

It is morally wrong that Jon Hamm or Gal Gadot gets to look the way they do while many other men and women, through no fault of their own, looking like this!

View attachment 726174

We need to immediately start a government program to make sure that no one is allowed to look any better than Tom Arnold and Rosanne Barr.

Bwaaaahhaaaaa....It takes a lot of work to make yourself look good. During my younger years, before graduating high school, i was an ugly duckling. Never went to homecoming or prom, because no girl would look at me. Then came the swan effect because if i wanted to go out with beautiful women, i needed to make myself appealing. This is what i looked like when i was married. Still married after 35 years...

 

[Mikeoxenormous]

More than 10%.......that's a lot of millionaires.

Pretty close.

33 Incredible Millionaire Statistics [2023]: 8.8% Of US Adults Are Millionaires - Zippia

There are more millionaires in the U.S. than you may think, and chances are you even know one or two.

www.zippia.com

 

[Woodznutz]

Wow, how exciting another multi millionaire in our midst. It is shocking how many of those are on this forum.

It should be encouraging as well.

 

[georgephillip]

What is interesting is the difference between what is needed to be in the top 10% for income and for wealth.

Who Are the Top One Percent by Income or Net Worth in 2024? - DQYDJ

You hear about them often - but who are the top one percent? See stats for top one percent for income & net worth in America in 2024.

dqydj.com

A mere 212,000 puts a family in the top 10% for income while it takes wealth of 1.2 million.

Your link:

"Net worth tends to have an even more extreme spread than income does.

"While many households in the United States have zero or negative net worth, the same statement isn't valid for income.

"Household income also reflects transfer payments, while the government isn't (really) in the business of transferring wealth."
Household income Gini Index U.S. 2021 | Statista.

US Gini household income distribution from 1990 to 2021 ranks a country from 0% (perfectly equal) to 100% (perfectly unequal).

It was 0.43 in 1992 and is currently 0.49.

The fundamental notion of American capitalism or exceptionalism was the production of a huge middle class.

Many people suspect the 41.4% jump in the Gini over the last decade and the rising level of consumer debt have been at least partially responsible for the loss of that greatest middle class in history.

10 Years Ago: Wealth & Income Inequality Analysis from Richard Wolff

 

[georgephillip]

I remember a while ago, a very well educated economist who said "if you gave 1000 people all the same amount of money, within two years, there would be 5 very wealthy people, 200 rich people, 500 living day to day, and the rest poor as shit". It

Which right-wing moron said that?
Would all 1000 people begin from the same starting point?
Did they all begin with the same level of education and social contracts?
How many had rich parents like Don the Con?
You really should ask (Uncle) Tom Sowell why rich parasites who bribe government for favorable tax and trade policies think they "earned" their money.

 

[georgephillip]

The stupid greedy envious Libtards always hate it when somebody makes more money than they do.

So what's the MAGA troll's opinion on US billionaires who saw their wealth increase by 55% during the Covid-19 pandemic that brought financial ruin to millions of productive Americans?

 

[Harpy Eagle]

It should be encouraging as well.

More suspicious than encouraged. If I had a net worth in excess of 10 million dollars I can tell you I would not be on this forum, fuck I would not even be in this country right now.

 

[Flash]

So what's the MAGA troll's opinion on US billionaires who saw their wealth increase by 55% during the Covid-19 pandemic that brought financial ruin to millions of productive Americans?

I don't give a shit about how much money other people makes as long as it is legal.

You greedy little Leftest shits can't stand the fact somebody else has more than you. Typical despicable Socialist mindset.

By the way, since you brought up the Pandemic remember that it was Potatohead's Chicom buddies that released the bioweapon. The same Chicoms that wanted to get rid of Trump and made the Potatohead family filthy ass rich. The same Pandemic that allowed the dishonest Democrats the ability to use the fraud of unverified mail in and harvested ballots to steal the 2020 election and put the man that the Chicoms made rich in the White House.

 

[georgephillip]

About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.

28 Millionaire Statistics: What percentage of Americans are millionaires?

How many millionaires are there in the US? Check out the latest stats to find out what percentage of Americans are millionaires.

spendmenot.com

Your link:

• 76% of US millionaires are white.

Merit or corruption?

 

[Toddsterpatriot]

Your link:

• 76% of US millionaires are white.

Merit or corruption?

I didn't get my money from corruption.

 

[georgephillip]

don't give a shit about how much money other people makes as long as it is legal.

You can't wrap your pin-sized mind around the fact billionaires bribe government for "laws" that allow finance capitalists to "legally" loot the productive economy:

Counterpunch to Economic History | Michael Hudson

"Marx in Volume Three described the horror story of what would happen with finance capitalism, and then he expressed the hope that_ _'well industrial capitalism is going to prevent this from happening and fortunately with industrial capitalism we’re going to make the banks part of the financing real production' _but that’s not what banks do.

"Banks make loans mainly against assets and property that’s already in place.

"Then 80% of the loans are real estate mortgage loans, the rest are corporate takeover loans speculation loans, loans that are collateralized by stocks and bonds, and of course that’s what the American central bank had been spending $9 trillion just collateralized by stocks and bonds and junk mortgages and junk bonds.

"So we’re having a perversion of everything that capitalism promised to be, and it turns out that the road to serfdom, the literal road to serfdom, is not a strong state like Hayek said, but a state that’s too weak to control the financial sector and steer it to serve the economy as a whole."

 

[toobfreak]

"How Did the Distribution of Wealth Change From 1989 to 2019?​

Too bad the chart doesn't plot inflation in there or adjust the plot for changes in dollar value to give an even more accurate picture.

 

[Toddsterpatriot]

You can't wrap your pin-sized mind around the fact billionaires bribe government for "laws" that allow finance capitalists to "legally" loot the productive economy:

Counterpunch to Economic History | Michael Hudson

"Marx in Volume Three described the horror story of what would happen with finance capitalism, and then he expressed the hope that_ _'well industrial capitalism is going to prevent this from happening and fortunately with industrial capitalism we’re going to make the banks part of the financing real production' _but that’s not what banks do.

"Banks make loans mainly against assets and property that’s already in place.

"Then 80% of the loans are real estate mortgage loans, the rest are corporate takeover loans speculation loans, loans that are collateralized by stocks and bonds, and of course that’s what the American central bank had been spending $9 trillion just collateralized by stocks and bonds and junk mortgages and junk bonds.

"So we’re having a perversion of everything that capitalism promised to be, and it turns out that the road to serfdom, the literal road to serfdom, is not a strong state like Hayek said, but a state that’s too weak to control the financial sector and steer it to serve the economy as a whole."

"Banks make loans mainly against assets and property that’s already in place.

Mostly. So what?

and of course that’s what the American central bank had been spending $9 trillion just collateralized by stocks and bonds and junk mortgages and junk bonds.

Huh? Can you translate that into English?

 

[Flash]

You can't wrap your pin-sized mind around the fact billionaires bribe government for "laws" that allow finance capitalists to "legally" loot the productive economy:

Counterpunch to Economic History | Michael Hudson

"Marx in Volume Three described the horror story of what would happen with finance capitalism, and then he expressed the hope that_ _'well industrial capitalism is going to prevent this from happening and fortunately with industrial capitalism we’re going to make the banks part of the financing real production' _but that’s not what banks do.

"Banks make loans mainly against assets and property that’s already in place.

"Then 80% of the loans are real estate mortgage loans, the rest are corporate takeover loans speculation loans, loans that are collateralized by stocks and bonds, and of course that’s what the American central bank had been spending $9 trillion just collateralized by stocks and bonds and junk mortgages and junk bonds.

"So we’re having a perversion of everything that capitalism promised to be, and it turns out that the road to serfdom, the literal road to serfdom, is not a strong state like Hayek said, but a state that’s too weak to control the financial sector and steer it to serve the economy as a whole."

Just stop being a greedy envious little turd. It just makes you look like an asshole.

Worry about how money you make, not what others make.