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$30 Trillion New Wealth Went to the Richest White Americans Since 2008 Recession

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September 14th, 2018

By Paul Buchheit

Guest writer for Wake Up World

While wealth continues to rush, not trickle, upwards, low-income families are going backwards as the average net worth for the poorest half of America decreased from $11,000 to $8,000 since the 2008 financial crash.

What Just Happened? $30 Trillion to the Richest White Americans Since 2008

Thirty trillion dollars. That’s nearly a third of ALL our current wealth, newly created and distributed to the richest 10%, who are mostly white millionaires. These fortunate takers profited mainly from the stock market, which has more than tripled in value since the end of 2008.

The Stunning Numbers 

Wealth statistics since the recession are provided in the Credit Suisse Global Wealth Databook. A summary of relevant data can be found here.

Post-recession data shows that about $33 trillion went to the richest 10%, who are overwhelmingly millionaires (13 million millionaires12.6 million U.S. households!) That nearly doubled the wealth of each member of the richest 10%. Average net worth is now $14 million for each 1% household, and the greater part of a million for even the ‘poorest’ household in the top 10%.

CONTINUE READING:

Recommended reading by Paul Buchheit:



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