20 People Now Own As Much Wealth as Half of All Americans

The 400 richest Americans now have more wealth than the bottom 61 percent of the population, a report released on Wednesday by the Institute for Policy Studies (IPS) reveals. According to “Billionaire Bonanza: The Forbes 400 and the Rest of Us,” just the twenty individuals at the top of the pile—a group that could fit into a Gulfstream G650 luxury jet, according to the study’s authors—now control more wealth than the bottom half of the population. That’s 152 million people living in 57 million households.
And there’s a stark racial divide at the top. The 100 richest households own more assets than the entire African-American community (there are just two black people on the Forbes 400 list, one of whom is Oprah Winfrey). And just 182 individuals on the Forbes list have more assets than America’s entire Hispanic population.

Read the full article on The Nation’s website.