Multimillionaires and billionaires gain as the middle-class is hollowed out
. A family in the top one percent owned at least $10.3 million in 2016, up from $2.6 million in 1989. At the same time, median wealth grew from $68,128 to $96,900 and wealth at the 90percentile increased to $1.2 million in 2016, up from $478,865 in 1989. While the minimum wealth for the wealthiest increased fourfold, the wealth at the 90This also meant that those at the very top owned more and more wealth as middle-class families lost and continue losing ground.
Things look much better at the top. The one percent of the wealthiest Americans have owned an ever larger share of total wealth in the past three decades. By the end of 2018, the wealthiest one percent owned more than 31% of all wealth in the country, up from about 23% in 1989, when the data start . In comparison, the share of wealth owned by families between the 90percentile grew by a little more than one percent.
The concentration of wealth at the top meant that middle class families lost ground at the same time. The largest drop happened among households between the 50percentile. Their share of wealth fell to less than 30% in 2018, down from more than 35% in 1989 . The combined wealth owned by all families in the bottom half of the wealth distribution dropped to 1.2% by the end of 2018, down from close to four percent in 1989.
People at the top have gotten wealthier faster than everybody else because they owned increasing shares of public companies and, in the past decade, private companies.
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