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According to an analysis of Survey of Consumer Finances data from 2019 by the People's Policy Project, 79% of the country's wealth is owned by millionaires and billionaires. [36] [37] Also in 2019, PolitiFact reported that three people (less than the 400 reported in 2011) had more wealth than the bottom half of all Americans. [38] [39]
And for the group of people in between the bottom 50% and top 1%—mostly the lower- and middle-income groups in North America and Europe—income growth has been either sluggish or flat." [ 16 ] The WIR 2018 shows that, "The gap between rich and poor has increased in nearly every region in the world over the past few decades."
In its weak form it says that if some income is transferred from a rich person to a poor person, while still preserving the order of income ranks, then the measured inequality should not increase. In its strong form, the measured level of inequality should decrease. Other useful but not mandatory properties include: Non-negativity
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There were also relatively few poor people in America at the time, since only those with at least some money could afford to come to America. [19] In 1860, the top 1 percent collected almost one-third of property incomes, as compared to 13.7% in 1774. There was a great deal of competition for land in the cities and non-frontier areas during ...
It seems that a grand paradox of wealth inequality is the fact that it's more expensive to be poor than it is to be rich. This theory has been called the "Boots Theory," popularized by a passage ...