Current:Home > MyThe Daily Money: America's top 1% earners control more wealth than the entire middle class -WealthConverge Strategies
The Daily Money: America's top 1% earners control more wealth than the entire middle class
View
Date:2025-04-11 17:38:39
Happy Hump Day, The Daily Money readers! This is Swapna Venugopal Ramaswamy bringing you today's top headlines.
Thirty years ago, America’s celebrated middle class commanded twice as much wealth as the upper 1%.
Over the years, the rich have grown steadily richer. The top 1% caught and passed the middle class in collective wealth in late 2020, Fed data show.
The top 1% of American earners now control more wealth than the nation’s entire middle class.
“The number of deca-millionaires has more than doubled since 2000, and the number of centi-millionaires has quadrupled,” said Owen Zidar, a Princeton University economist, referring to people worth more than $10 million and $100 million, respectively.
Between 1979 and 2021, the wages of Americans in the top 1% grew by 206%, after adjusting for inflation, according to an analysis by the nonprofit Economic Policy Institute. In the same years, wages for the bottom 90% grew by only 29%.
📰 More stories you shouldn't miss 📰
A simpler FAFSA's coming. But it won't necessarily make getting money easier. Here's why.
A simpler FAFSA's coming. But it won't necessarily make getting money easier. Here's why.
Kids used sharp knives, power equipment: California poultry plant to pay $3.5M fine
Give delivery drivers the gift of free pizza with new Pizza Hut reverse delivery doormat
Best way to park: Is it better to pull or back into parking spot?
veryGood! (82689)
Related
- McConnell absent from Senate on Thursday as he recovers from fall in Capitol
- Iga Swiatek wins a third consecutive French Open women’s title by overwhelming Jasmine Paolini
- Figure skating coach Frank Carroll, who coached Michelle Kwan and other Olympians, dies at age 85
- ‘Bad Boys: Ride or Die’ boosts Will Smith’s comeback and the box office with $56 million opening
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Dornoch wins 156th Belmont Stakes, run for first time at Saratoga
- Methodist church regrets Ivory Coast’s split from the union as lifting of LGBTQ ban roils Africa
- Josh Maravich, son of Basketball Hall of Famer Pete Maravich, dies at 42
- The Daily Money: Spending more on holiday travel?
- A man shot by police in New Caledonia has died. The French Pacific territory remains restive
Ranking
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- Hunter Biden’s gun trial enters its final stretch after deeply personal testimony about his drug use
- Princess Kate apologizes for missing Trooping the Colour event honoring King Charles III
- Derrick White has game-changing blocked shot in Celtics' Game 2 win vs. Mavericks
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- Glen Powell reveals advice Top Gun: Maverick co-star Tom Cruise gave him
- Deontay Wilder's fiancée gets temporary restraining order after she details alleged abuse
- Hunter Biden’s gun trial enters its final stretch after deeply personal testimony about his drug use
Recommendation
New data highlights 'achievement gap' for students in the US
Taylor Swift performs Eras Tour in Edinburgh, Scotland: 'What a way to welcome a lass.'
Ryan Garcia speaks out after being hospitalized following arrest at Beverly HIlls hotel
Attacks in Russian-occupied Ukrainian regions leave 28 dead, Moscow-backed officials say
Military service academies see drop in reported sexual assaults after alarming surge
FDA alert: 8 people in 4 states sickened by Diamond Shruumz Microdosing Chocolate Bars
NASCAR at Sonoma 2024: Start time, TV, streaming, lineup for Toyota/Save Mart 350
Already 50? Here's how to build a million-dollar retirement from now.