US: Richest 1% of Americans Close to Surpassing Wealth of Middle Class - - PressFrom - US
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US Richest 1% of Americans Close to Surpassing Wealth of Middle Class

23:25  09 november  2019
23:25  09 november  2019 Source:   bloomberg.com

Elizabeth Warren to Bill Gates: I'll explain my wealth tax to you

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“The wealthier that the wealthy get, the more opportunity they have,” Colavito said. It may not be long before one -percenters actually surpass the middle and Upper middle class households held more assets than other cohorts. Source: Federal Reserve. For now, those Americans in 90th to 99th

The very richest had assets of about .4 trillion in the second quarter, or just shy of the .9 trillion held by the tens of millions of people It may not be long before one -percenters actually surpass the middle and upper- middle classes . The lone group left out of the fun: the bottom 50% of Americans .

a screenshot of a cell phone: Wealth Floats© Bloomberg Wealth Floats

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The U.S.’s historic economic expansion has so enriched one-percenters they now hold almost as much wealth as the middle- and upper-middle classes combined.

The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. Those fat portfolios have America’s elite gobbling up an ever-bigger piece of the pie.

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“The wealthier that the wealthy get, the more opportunity they have,” Colavito said. It may not be long before one -percenters actually surpass the For now, those Americans in 90th to 99th percentiles - well-to-do, but not the super rich - still control the biggest share of wealth , with .6 trillion in assets.

Richest 1 % of Americans Close to Surpassing Wealth of Middle Class November 9, 2019, 5:00 AM EST.

The very richest had assets of about $35.4 trillion in the second quarter, or just shy of the $36.9 trillion held by the tens of millions of people who make up the 50th percentile to the 90th percentile of Americans -- much of the middle and upper-middle classes.

Americans Now Need at Least $500,000 a Year to Enter Top 1%

Chalk up at least part of their good fortune to interest rates, said Stephen Colavito, chief market strategist at Lakeview Capital Partners, an Atlanta-based investment firm for high-net-worth investors. People can’t get much of a return on certificates of deposits and other passive investments, so they’ve pumped money into stocks and propped up the market overall, he said.

In turn, those investments make the wealthy eligible to put money into exclusive hedge funds and private equity funds. Many such funds require $5 million of investments to qualify.

Shaking down the rich is bad for democracy

  Shaking down the rich is bad for democracy Forget whether the math works. But let's pretend that the fantastical wealth tax Elizabeth Warren has proposed would work like she claims. Let's even concede for argument's sake that Warren could get her plan through Congress and the courts. Would that be good for the country?Warren sees the rich as a natural resource that can be mined for its wealth indefinitely. Well, we have a lot of examples of countries that depend on natural resources to pay for everything. Saudi Arabia comes to mind. Oil revenues pay for almost everything.

Social classes each have their own institutions of which they dominate. The idea is that one person gets a great deal of wealth from the creation of something that they were the most The problem isn't that they're rich so much as that increasing numbers of people live at the beck and call of the health

“The wealthier that the wealthy get, the more opportunity they have,” Colavito said. It may not be long before one -percenters actually surpass the middle and Upper middle class households held more assets than other cohorts. Source: Federal Reserve. For now, those Americans in 90th to 99th

“The wealthier that the wealthy get, the more opportunity they have,” Colavito said.

It may not be long before one-percenters actually surpass the middle and upper-middle classes. Household wealth in the upper-most bracket grew by $650 billion in the second quarter of 2019, while Americans in the 50th to 90th percentiles saw a $210 billion gain.

a screenshot of a cell phone: Assets -- 2Q 2019© Bloomberg Assets -- 2Q 2019

For now, those Americans in 90th to 99th percentiles -- well-to-do, but not the super rich -- still control the biggest share of wealth, with $42.6 trillion in assets.

The lone group left out of the fun: the bottom 50% of Americans. Those households have 35.7% of liabilities in the U.S. and just 6.1% of assets.

a screenshot of a cell phone: Assets -- 3Q 2006© Bloomberg Assets -- 3Q 2006

Age also plays a role in wealth. Some young people have recently taken to mocking older Americans for being out of touch, hurling the term “OK Boomer” around social media. However, Baby Boomers born between the end of the Second World War and 1964 may have the last laugh. They had wealth that was 11 times higher than that of millennials as of the second quarter.

a screenshot of a cell phone: Aged and Wealthy© Bloomberg Aged and Wealthy

To contact the reporters on this story: Alex Tanzi in Washington at [email protected];Michael Sasso in Atlanta at [email protected]

To contact the editors responsible for this story: Sarah McGregor at [email protected], Anita Sharpe

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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