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America’s Richest 1% Now Control More Wealth Than Middle and Working Classes Combined

JD_co
in Off-Topic
In the second quarter of 2023, the top 1% had $46 trillion in wealth, whereas everyone outside of the top 10% had $45.5 trillion. The top 1% richest Americans now have as much wealth as all middle and working class families put together, according to data from the Federal Reserve.

In the second quarter of 2023, the top 1% had roughly $46 trillion in wealth, consisting of salaries, real estate, investments and other income. That category makes up around 1.31 million households, or 1.78 million workers, and includes households with at least $13.66 million, according to the finance and investing website DQYDJ.com.

Households and individuals outside of the top 10% had around $45.5 trillion in wealth in that time period.

https://themessenger.com/business/americas-richest-1-now-control-more-wealth-than-middle-and-working-classes-combined

Comments

  • Old_JoeOld_Joe
    Well, that's just the way it goes. If the other 99% had studied harder and worked harder they would be in that 1% too.

    Just ask Charles Koch (estimated net worth of $66 billion) or the Sackler family ($10.8 billion as of 2020).
  • CrashCrash
    Well, the numbers are obscene. Ben Graham's "Mister Market" owns no conscience. People ought to own them, however. Which leads to my next point: PEOPLE, presumably with consciences, need to come up with controls and strictures and tax structures by which such wealth-obscenity just does not happen. There will never be numerical, dollar-for-dollar equality. But "rich" ought to be the limit. Uber-crazy-kinky-filthy-scummy-obscenely-fecal wealthy simply should not BE. Why? Because it is immoral. Remember right and wrong, boys and girls?
  • stillersstillers
    edited December 2023
    Old_Joe said:

    Well, that's just the way it goes. If the other 99% had studied harder and worked harder they would be in that 1% too.

    Just ask Charles Koch (estimated net worth of $66 billion) or the Sackler family ($10.8 billion as of 2020).

    I'm hoping your comment is tongue-in-cheek?

    Yeah, Charles Koch was required to work hard and NOT live an early, privileged life. Got that part.

    But, and it's a biggie, he and his brothers, um, you know, INHERITED the family bizness and its fortune.

    And of course an estimated $10B in profits from the sale of OxyContin is BIG part of the Sackler family fortune.

    So yeah, work hard and you might just inherit your family's billion dollar fortune, if it happens to have one, that is.

    Or simply orchestrate one of the greatest medical and financial frauds ever and your family's already sizeable fortune will increase by leaps and bounds.

    Got it!
  • hank
    edited December 2023
    Any suggestions as to which mutual funds one should buy in order to reach that top 1% level?
  • CrashCrash
    hank said:

    Any suggestions as to which mutual funds one should buy in order to reach that top 1% level?

    LOL!
    Hank! Ah, the things ya hear when you can't find your gun! LOL.
  • JD_co
    hank said:

    Any suggestions as to which mutual funds one should buy in order to reach that top 1% level?

    The 1% don't buy mutual funds (in taxable accounts) because rich people do not pay taxes. Only the 99% pay those.

  • AnnaAnna
    Thanks MFOers. I needed a pick-me-up this morning.
  • Observant1
    edited December 2023
    hank said:

    Any suggestions as to which mutual funds one should buy in order to reach that top 1% level?


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    T. Rowe Price U.S. Treasury Long-Term Index Fund (PRULX): 01/01/2008 to 12/31/2008
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  • catch22catch22
    edited December 2023
    Hi @Observant1 Similar to the same 'cherry picking' list we used'. Too late in the day for me to post now. I'll need more time with Portfolio Visualizer to finalize. We started our Fidelity account in 1978, so we may have to 'wing it' with some choices. Thank you.:)
    Although these may indeed may be your prescient choices. Then I salute you.
  • Observant1
    edited December 2023
    @catch22

    My real-world choices were not nearly as prescient!
    But my hindsight is pretty good... ;-)
  • hank
    edited December 2023
    It works in reverse too. Had you invested in the Hussman Strategic Growth Fund (HSGFX) 15 years ago you’ve have realized an annualized loss of 3.68%. You might be selling your private island home in the Florida Keys about now and moving into a nearby trailer park.
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