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U.S. wealth concentration, or income inequality, has returned to levels not seen since the 1920s, and it could actually be significantly worse.

Driving the news: New research from Gabriel Zucman, an economics professor at the University of California, Berkeley, for the National Bureau of Economic Research was unearthed recently by MarketWatch and finds that the top 1% owns about 40% of total household wealth. It reaches 40.8% when including the Forbes 400.

Further, the top 1% richest U.S. families own 40 times the average family's wealth.

  • "No country (apart from Russia) for which estimates of wealth inequality are available has similarly high recorded levels of wealth inequality," Zucman writes.

Between the lines: Perhaps the most interesting part of Zucman's research may be his point that the top 1% of American households likely hold much more of the nation's and the world's wealth than anyone realizes.

  • "It is not enough to study wealth concentration using self-reported survey data or tax return data," Zucman says in the report, estimating that 8% of the world’s household financial wealth is held offshore.

"Because the wealthy have access to many opportunities for tax avoidance and tax evasion—and because the available evidence suggests that the tax planning industry has grown since the 1980s as it became globalized—traditional data sources are likely to under-estimate the level and rise of wealth concentration."

Zucman also notes that data shows the share of total wealth owned by the top 1% has increased by 9 points since 1989 and by 10 points when including the Forbes 400. In capitalized income estimates, it has increased by 11 points.

  • "The share of wealth owned by the bottom 90% has collapsed in similar proportions."

Worth mentioning: Zucman is one of the economists behind Elizabeth Warren's wealth tax proposal.

Go deeper

Updated 5 hours ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🚨: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

🎾: Novak Djokovic defeated in Olympic semi-finals

💻: Japan tests teleporting games and "remote cheering"

Go deeper: Full Axios coverage

Updated 6 hours ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: USA Gymnastics said Biles, who previously withdrew from the individual all-around and team finals to prioritize her mental health, will continue to be evaluated to determine if she'll compete in the balance beam or floor exercise events.

7 hours ago - Sports

American Katie Ledecky wins Olympic gold in women's 800m freestyle

USA's Katie Ledecky reacts after taking gold in the final of the women's 800m freestyle race. Photo: Odd Anderson/AFP via Getty Images

American superstar swimmer Katie Ledecky grabbed her second gold medal of this year's Olympic Games, winning the women's 800-meter freestyle race Saturday in Tokyo.

Driving the news: Ledecky, who holds the world record in the 800m freestyle, is considered one of the best women swimmers of all time. Saturday's final marks her third straight Olympic gold in the event.