$30 Trillion New Wealth Went to the Richest White Americans Since 2008 Recession
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 millionaires, 12.6 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%.
Recommended reading by Paul Buchheit:
- Big Pharma, Big Oil and Big Banks – The Definition of Terrorism
- 5 Signs of a Dying Society
- Capitalism at Its Worst: 5 Deadly Sins of Big Pharma
- Facts That Our War-Happy Leaders Would Like to Keep Hushed Up
- How Wealth Inequality Kills
- Now Just FIVE Men Own Almost as Much Wealth as Half the World’s Population
- The Real Terrorists: The 0.01%
- Capitalism and the “Jobs for Everyone” Fallacy
- A 2% Financial Wealth Tax Could Provide a $12,000 Annual Income to Every American Household
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