The Top 1% Own 32.1% of Total Wealth, Bottom 50% Own 2.5% – Mish Talk

This data series compiled by the Fed started in the third quarter of 1989. The most recent data is from the third quarter of 2021.

If you have not seen charts of this series before, the numbers may seem shocking. 

1989 Q3 vs 2021 Q3 Percentages

• Top 1% Then 23.6%, Now 32.1%
• 90th to 99th Percentile Then 37.3%, Now 37.5%
• 50th to 90th Percentile Then 35.6%, Now 27.9%
• Bottom 50% Then 3.7%, Now 2.5%

Gains or Losses Since 1989

• Top 1%: +8.5 Percentage Points
• 90th to 99th Percentile: +0.2 Percentage Points
• 50th to 90th Percentile: -7.7 Percentage Points
• Bottom 50%: -1.2 Percentage Points

Key Points

1. The bottom never had much to lose but they managed to lose a bit anyway. 
2. The top keep padding their wealth but remain the most impacted by recessions.
3. The middle class is shrinking. 

Credit and Blame

Many people will blame the wealthy. But the actual culprit is the Fed.

The bottom 50% sure don’t gain from bubbles.