Three Richest Americans Now Own More Wealth Than Bottom Half of US Combined
NOVANEWS
Posted by: Sammi Ibrahem,Sr
(Image: Andy Baker / Ikon Images / Getty Images)
By: Jake Johnson
In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.
Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the US is becoming "a hereditary aristocracy of wealth and power."
"Over recent decades, an incredibly disproportionate share of America's income and wealth gains has flowed to the top of our economic spectrum. At the...