May 28, 2019

The bottom 50% of Americans now have 1% of America's wealth

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Reproduced from a Deutsche Bank chart; Chart: Axios Visuals

The distribution of household wealth has become more uneven in recent years, notes Deutsche Bank Securities chief economist Torsten Slok. The wealthiest 10% of households now hold 70% of all American wealth. They held 60% as recently as 2000.

By the numbers: In recent years, the gains of the top 1% have been outsized and come largely at the expense of those in the middle. The lowest 50% of earners have recouped at least a piece of the wealth pie.

  • The bottom half of U.S. households now control 1.3% of the country's wealth. From 2010–2012 their net ownership was 0.0% and only rose above 1% in 2018, according to Federal Reserve data.

Go deeper: U.S. sees biggest wealth gap since the Roaring '20s

Editor's note: This post has been corrected to show that the wealthiest 10% of households now hold 70% of all American wealth, and held 60% as recently as 2000.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 10 a.m. ET: 618,043 — Total deaths: 28,823 — Total recoveries: 135,736.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 10 a.m. ET: 104,865 — Total deaths: 1,709 — Total recoveries: 894.
  3. Federal government latest: President Trump signed the $2 trillion coronavirus stimulus bill to provide businesses and U.S. workers economic relief.
  4. State updates: A group of Midwestern swing voters that supported President Trump's handling of the coronavirus less than two weeks ago is balking at his call for the U.S. to be "opened up" by Easter. Alaska is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  6. Business latest: President Trump authorized the use of the Defense Production Act to direct General Motors to build ventilators for those affected by COVID-19. White House trade adviser Peter Navarro has been appointed to enforce the act.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Coronavirus updates: World case count tops 600,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Japanese Prime Minister Shinzo Abe warned that the novel coronavirus pandemic could worsen if people fail to take the appropriate containment measures, at a news conference in Tokyo.

The big picture: The U.S. leads the world in confirmed coronavirus cases, as the number of global cases nears 615,519. Governments around the world are trying to curb the medical and financial fallout of COVID-19, as infections surge across Europe and the U.S.

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