The richest 10% of households now represent 70% of all U.S. wealth:
The rich are getting richer. It is a refrain that has certainly been uttered before, and likely will again, as Deutsche Bank Securities’ chief economist points out that the gap between the haves and have-nots in the U.S. is, indeed, widening.
To make a finer point, Fed researchers say the increase in wealth among the top 10% is largely a result of that cohort obtaining a larger concentration of assets: “The share of assets held by the top 10% of the wealth distribution rose from 55% to 64% since 1989, with asset shares increasing the most for the top 1% of households. These increases were mirrored by decreases for households in the 50-90th percentiles of the wealth distribution,” Fed researchers said.
“The response to the financial crisis was for the Fed to lower interest rates which in turn pushed home prices and stock prices steadily higher over the past decade,” Slok said. But homeownership hasn’t moved in step with that stock advance, and many individuals didn’t participate in the stock market’s rally after the crisis, Sløk speculates.
The wealth divide has also intensified the debate about the merits of capitalism: the beating heart of the U.S.’s financial system.
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