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Home / Business / It's been nearly 100 years since America's 1% had so much fortune

It's been nearly 100 years since America's 1% had so much fortune



It's not fashionable to wear flapper dresses and wear the Charleston, but the inequality of 1920s prosperity is definitely back in style.

According to a new study, America's ultra-rich empires have not had so much wealth in the country since jazz, these free times, before the country's finances crumbled.

"USA The concentration of wealth seems to return to a level that was last seen in the Golden Twenties," wrote Gabriel Zucman, economics professor at the University of California, Berkeley.

. Zucman said all this research also points to a strong asset concentration in China and Russia in recent decades. The same thing happens in France and the UK, but with a "more moderate increase," the newspaper said.

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929, before the collapse of Wall Street triggered the Great Depression, the share of the richest adults at 0.1% of total household wealth was close to 25%, according to Zucman's paper, published by the National Bureau of Economic Research (National Bureau of Economic Research). 19659002] These rates dropped in the early 1930s and continued to fall below 10% in the late 1970s. Since the early 1980s, rates have been on the up and are now close to 20%.

It has become especially difficult to measure the full extent of the riches of these days. "Since the 1980s, a large offshore wealth management industry has evolved that makes it difficult to capture specific forms of assets (especially financial portfolios)," the article added.

Do Not Miss: Most Americans who make $ 90,000 annually claim they are not rich.

Other researchers have said that the Great Recession has widened the income gap. The income of top earners fell by 4%, but the income of the lowest households fell by 20%.

The unemployment rate has dropped from the unemployment rate of the Great Recession from 2009 to 10% in February to 4% 49-year low last decline of 3.7%.

Yet millions of Americans live paycheck to paycheck; The recent government shutdown of the federal government forced some workers of the federal government to food kitchens and illuminated the lack of savings of Americans.

The new study attempts to explain the figures of F. Scott Fitzgerald that the rich are different.

But it is not the next step to say whether stock market collapse is imminent. In fact, scientists have been working for decades to work through and discuss all the causes of the global economic crisis.

The newspaper is another focus on the issue of income inequality, something that employs academics, politicians, billionaires and even credit rating agencies. Late last year, Moody's said the growing wealth shortfalls could lead to a downgrading of the Bund rating.

Other researchers have drawn parallels between the present and the past. The Economic Policy Institute, a left-leaning Washington DC think-tank, estimates that America's leader accounted for 22% of total national income at 1%. The organization said that in 1928, 23.9% of the country's income had risen to the top 1%.

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