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Mon Nov 15, 2021, 09:23 AM

A closer look at the rapid and stunning growth of the super-rich

https://ncpolicywatch.com/2021/11/15/monday-numbers-a-closer-look-at-the-rapid-and-stunning-growth-of-the-super-rich/

. . .

The past 30 years have seen explosive growth for a small class of the ultra-rich – billionaires.

The most dramatic change, however, has been in the past year. Since the start of the pandemic, when over 20 million jobs were lost in a few short months, billionaires have added over a trillion dollars to their collective net worth, much of it concentrated in the hands of three men.

This isn’t just about three people, though. The entire class has ballooned. In 1990, there were only 66 billionaires in the country, and the wealthiest among them was only worth $5.6 billion. Today, there are more than 600. Elon Musk, the richest man in the world, is worth over $270 billion as of late October.

This expansion of billionaire wealth reflects the dramatic inequality in national household wealth. In April 2021, billionaires together held over $4.5 trillion dollars. The entire bottom 50 percent of Americans were worth just over half that amount, their wealth totaling just over $2.6 trillion.”

Cohn goes on to report that, even within the billionaire class, massive inequality prevails with white males making up the overwhelming majority of the group.


Here are some additional numbers from Collins and Cohn that further illuminate this shameful state of affairs:

$5 trillion – combined wealth of U.S. billionaires as of October 2021

$2.9 trillion – combined wealth of U.S. billionaires prior to the pandemic

$2.1 trillion or 70% – amount of growth this represents

60% – amount of President Biden’s proposed $3.5 trillion Build Back Better plan this growth would pay for

745 – number of U.S. billionaires as of October 2021

614 – number in March of 2020

$3 trillion – estimated combined wealth of the bottom 50 percent of U.S. households in October 2021

$607.2 billion – estimated combined wealth of the three wealthiest U.S. billionaires, Elon Musk, Jeff Bezos and Bill Gates

$157 billion – estimated combined wealth of the three wealthiest U.S. billionaires in 2000

$11.6 billion – estimated combined wealth of the three wealthiest U.S. billionaires in 1990

7>1 – ratio of male billionaires to female billionaires in 2020

7 – total number of Black billionaires

8% – effective federal tax rate paid by U.S. billionaires

3.4% – effective federal tax rate paid by the nation’s 25 wealthiest billionaires on a $400 billion increase in their collective fortune between 2014-18

67% – share of Americans that support the $3.5 trillion Build Back Better plan after hearing a description of the plan and that it would be paid for by raising taxes on the wealthy and large corporations

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Reply A closer look at the rapid and stunning growth of the super-rich (Original post)
CousinIT Nov 15 OP
Tomconroy Nov 15 #1

Response to CousinIT (Original post)

Mon Nov 15, 2021, 09:49 AM

1. When I was young there were only two:

Howard Hughes and J. Paul Getty.
Billionaire inflation?

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