They’ve Taken $1.6 Million Per Family in New Wealth
The richest 5% of American families each gained at least that much in five years, mostly from the stock market. Using data from Credit Suisse, the Economic Policy Institute, Pew Research and the Census Bureau, this extraordinary wealth grab can be calculated.
To briefly summarize, the richest 5% (six million households) own about two-thirds of the wealth, or about $10 trillion of the $15 trillion in financial wealth gained since the recession. That’s $1,667,000 per household. Calculations based on alternate sources resulted in a gain of over $2 million per household.
It is noteworthy that most of their windfall came from stock market gains rather than from job-creating business ventures. The stock market has, once again, been forming an overblown bubble of wealth that does not reflect the relative degrees of productivity of workers around America. The market has more than doubled in value since the recession, and the richest 5% own about 80% of all non-pension stocks.
SOURCE: Paul Buchreit writing at COMMON DREAMS http://www.commondreams.org/view/2013/12/09-2