{"id":84967,"date":"2020-10-08T21:20:44","date_gmt":"2020-10-08T18:20:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/just-59-americans-own-more-wealth-than-half-the-country-data\/"},"modified":"2020-10-08T21:20:44","modified_gmt":"2020-10-08T18:20:44","slug":"just-59-americans-own-more-wealth-than-half-the-country-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/just-59-americans-own-more-wealth-than-half-the-country-data\/","title":{"rendered":"#Just 59 Americans own more wealth than half the country: data"},"content":{"rendered":"

“#Just 59 Americans own more wealth than half the country: data<\/strong>”
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\n The 59 Americans whose fortunes have ballooned amid the coronavirus pandemic now have more wealth than half the nation\u2019s population, new data show.<\/p>\n

The poorest 50 percent of Americans, or roughly 165 million people, collectively owned about $2.08 trillion in wealth in the second quarter of 2020, according to Federal Reserve data<\/a> released last week.<\/p>\n

That\u2019s less than the net worth of the nation\u2019s 59 richest billionaires, who have a combined fortune of about $2.09 trillion, Bloomberg\u2019s Billionaires Index<\/a> shows \u2014 a number that\u2019s grown this year despite the COVID-19 crisis kneecapp<\/a>ing the global economy.<\/p>\n

Those elite tycoons are among the wealthiest 1 percent of Americans, who were worth a total of $34.23 trillion in the second quarter \u2014 meaning they were more than 16 times richer than the nation\u2019s poorest 50 percent, the Fed\u2019s figures reveal. They include Amazon founder and CEO Jeff Bezos, Microsoft founder Bill Gates and Facebook<\/a> founder and CEO Mark Zuckerberg.<\/p>\n

The data suggest the stock market plays a key role in the massive wealth gap. Stock prices soared to record highs in recent months even though the pandemic had put millions of people out of work and sparked a record contraction in the US economy.<\/p>\n

Corporate equities and mutual fund shares made up more than $14 trillion \u2014 or roughly 41 percent \u2014 of the top 1 percent\u2019s wealth in the second quarter, according to the Fed. The bottom 50 percent, by contrast, owned just $160 billion worth of those assets.<\/p>\n

The richest Americans have been stockpiling stocks in recent years \u2014 the top 10 percent now own more than 88 percent of corporate equity and mutual fund shares, meaning they benefit most from the booming markets, according to Bloomberg News<\/a>.<\/p>\n

The Fed has helped fuel the recent stock surge by injecting trillions of dollars into financial markets and slashing interest rates in response to the pandemic. But chairman Jerome Powell warned of rising inequality in a speech this week urging Congress to support the economy\u2019s recovery from the COVID crisis with another large-scale spending package.<\/p>\n

\u201cCombined with the disproportionate effects of COVID on communities of color, and the overwhelming burden of childcare during quarantine and distance learning, which has fallen mostly on women, the pandemic is further widening divides in wealth and economic mobility,\u201d Powell said.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Just 59 Americans own more wealth than half the country: data” The 59 Americans whose fortunes have ballooned amid the coronavirus pandemic now have more wealth than half the nation\u2019s population, new data show. The poorest 50 percent of Americans, or roughly 165 million people, collectively owned about $2.08 trillion in wealth in the second…<\/p>\n","protected":false},"author":1,"featured_media":84968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/Jeff_Bezos-e1602180864244.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74842,1545,71291,70359,72439],"class_list":["post-84967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-8-20","tag-coronavirus","tag-inequality","tag-stocks","tag-wealth"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/84967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=84967"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/84967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/84968"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=84967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=84967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=84967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}