So, just when you thought the world couldn’t get more depressing, well it just has.
A new study by the Institute for Policy Studies found that the richest 20 Americans – with a combined net worth of $732billion – are as wealthy as half of the U.S. population. Wait, what?
Yeah, really. The findings showed that the country’s 20 richest people, which includes the likes of Microsoft’s Bill Gates ($76 billion) and Facebook’s Mark Zuckerberg ($40.1 billion) have more wealth than the bottom half of the population. That’s 152 million people.
The study also found that America’s wealthiest 400 – with a combined net worth of $2.34 trillion – were worth more than nearly 200 million people- that’s the bottom 61 per cent combined.
Among the 20, are eight founders of corporations, nine heirs (nice to see they earnt it), two investors, and a casino mogul. The list includes people who are involved with massive corporations like Nike, Amazon, Facebook, Microsoft, Google and Wal-Mart.
The report, which was published on Tuesday, also found that instead of resembling a pyramid, America’s wealth distribution now resembles the shape of Seattle’s Space Needle. With the bulge at the top showing the “great imbalance”. Says it all really…
Findings in the study also showed that America’s wealthiest 100 households own about as much wealth as the nation’s entire African-American population combined.
How can this kind of wealth inequality be accepted in this day and age?