Opinion Columns & Blogs

Inequality in wealth nearing record level

Inequality in wealth in the United States is approaching record levels, according to researchers with the London School of Economics and University of California-Berkeley. Though the middle class’ share of the nation’s wealth began growing after the 1929 stock market crash, the trend started reversing in the early 1980s and has greatly accelerated during the past decade. Now “the top 0.1 percent (consisting of 160,000 families worth $73 million on average) hold 22 percent of America’s wealth, just shy of the 1929 peak – and almost the same share as the bottom 90 percent of the population,” the Economist magazine reported. – Phillip Brownlee