Happy Hump Day, The Daily Money readers! This is Swapna Venugopal Ramaswamy bringing you today’s top headlines.
Thirty years ago, America’s celebrated middle class commanded twice as much wealth as the upper 1%.
Over the years, the rich have grown steadily richer. The top 1% caught and passed the middle class in collective wealth in late 2020, Fed data show.
The top 1% of American earners now control more wealth than the nation’s entire middle class.
“The number of deca-millionaires has more than doubled since 2000, and the number of centi-millionaires has quadrupled,” said Owen Zidar, a Princeton University economist, referring to people worth more than $10 million and $100 million, respectively.
Between 1979 and 2021, the wages of Americans in the top 1% grew by 206%, after adjusting for inflation, according to an analysis by the nonprofit Economic Policy Institute. In the same years, wages for the bottom 90% grew by only 29%.
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