As survey data continues to show that raising taxes on the wealthy is extremely popular among the U.S. public, new research by inequality expert and University of California, Berkeley economist Gabriel Zucman found that the richest 0.00025 percent of the American population now owns more wealth than the 150 million adults in the bottom 60 percent.
Zucman, who helped Sen. Elizabeth Warren (D-Mass.) develop her “Ultra-Millionaire Tax” proposal, observed in a working paper that “U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties.”
According to Zucman’s research, the richest 0.00025 percent—just 400 Americans—have seen their share of America’s national wealth triple since the 1980s, while the wealth of much of the U.S. population has stagnated or declined.
The 400 richest Americans have tripled their share of the nation’s wealth since the early 1980s and now own more of the country’s riches than the 150 million adults in the bottom 60% of the wealth distribution. https://t.co/wVFzJzPW3C pic.twitter.com/5lFYfZgZvu
— Steven Greenhouse (@greenhousenyt) February 9, 2019
“The 400 richest Americans — the top 0.00025 percent of the population — have tripled their share of the nation’s wealth since the early 1980s, according to a new working paper on wealth inequality by Berkeley economist Gabriel Zucman.” https://t.co/TtkVcHnmJM
— Alec MacGillis (@AlecMacGillis) February 9, 2019
As the Washington Post‘s Christopher Ingraham noted in a breakdown of Zucman’s research, adults in the bottom 60 percent of the wealth distribution “saw their share of the nation’s wealth fall from 5.7 percent in 1987 to 2.1 percent in 2014.”
Consolidation of wealth at the very top, Ingraham observes, “is eroding security from families in the lower and middle classes, who rely on their small stores of wealth to finance their retirement and to smooth over economic shocks like the loss of a job. And it’s consolidating…