The 50 Richest People Are Price as A lot because the Poorest 165 Million

The 50 Richest Americans Are Worth as Much as the Poorest 165 Million

People wait in line for help with unemployment benefits in Las Vegas, Nevada, on March 17.

Photographer: John Locher/AP Photograph

The 50 richest People now maintain nearly as a lot wealth as half of the U.S., as Covid-19 transforms the financial system in ways in which have disproportionately rewarded a small class of billionaires.

New knowledge from the U.S. Federal Reserve, a complete take a look at U.S. wealth by way of the primary half of 2020, present stark disparities by race, age and sophistication. Whereas the highest 1% of People have a mixed internet value of $34.2 trillion, the poorest 50% — about 165 million individuals — maintain simply $2.08 trillion, or 1.9% of all family wealth.

The 50 richest individuals within the nation, in the meantime, are value nearly $2 trillion, in line with the Bloomberg Billionaires Index, up $339 billion from the start of 2020.

Wealth Surge

Covid-19 has exacerbated inequality within the U.S., with job losses falling closely on low-wage service employees and the virus disproportionately infecting and killing individuals of coloration. In the meantime, many upper-middle class professionals are working from house, watching their retirement accounts rise in worth after the U.S. Treasury and Fed pumped stimulus into the financial system and markets.

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