SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Mind-Blowing Inequality as America's 20 Richest Own More Than Bottom Half
Study of Forbes 400 finds nation's wealthiest own more wealth than the bottom 61 percent of the country, or 194 million people
Dec 02, 2015
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Lauren McCauley
Lauren McCauley is a former senior editor for Common Dreams covering national and international politics and progressive news. She is now the Editor of Maine Morning Star. Lauren also helped produce a number of documentary films, including the award-winning Soundtrack for a Revolution and The Hollywood Complex, as well as one currently in production about civil rights icon James Meredith. Her writing has been featured on Newsweek, BillMoyers.com, TruthDig, Truthout, In These Times, and Extra! the newsletter of Fairness and Accuracy in Reporting. She currently lives in Kennebunk, Maine with her husband, two children, a dog, and several chickens.
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
Lauren McCauley
Lauren McCauley is a former senior editor for Common Dreams covering national and international politics and progressive news. She is now the Editor of Maine Morning Star. Lauren also helped produce a number of documentary films, including the award-winning Soundtrack for a Revolution and The Hollywood Complex, as well as one currently in production about civil rights icon James Meredith. Her writing has been featured on Newsweek, BillMoyers.com, TruthDig, Truthout, In These Times, and Extra! the newsletter of Fairness and Accuracy in Reporting. She currently lives in Kennebunk, Maine with her husband, two children, a dog, and several chickens.
The divide between the "haves" and the "have-nots" in the United States has never been so vast, with a new report out Tuesday revealing that the nation's 20 richest individuals own more wealth than the entire bottom half of the population.
What's more, with a combined worth of $2.34 trillion, the richest 400 Americans--who include Bill Gates, Donald Trump, Oprah Winfrey, and heirs to the Wal-Mart fortune--own more wealth than the bottom 61 percent of the country, or 194 million people.
"America's skewed wealth is one of the most critical issues of our time," stated Chuck Collins, senior scholar at the Institute for Policy Studies (IPS) and co-author of the report Billionaire Bonanza: the Forbes 400 and the Rest of Us (pdf).
What's more, the study compares the Forbes list with other segments of the population, showing great disparity in how this wealth is distributed. For example, the combined net worth of the Forbes 400 roughly equals the wealth of the entire African American population, plus a third of the Latino population.
As Collins notes, this staggering gap in wealth has worsened since the global recession and has proved problematic--even in cases where the billionaires are generous philanthropists.
"Concentrating wealth to this extent gives rich donors far too much political power," Collins explains, "including the wherewithal to shape the rules that govern our economy." He cites the recent New York Times report which found that half of all political contributions in the 2016 presidential campaign came from just 158 families.
The study follows numerous other recent reports that suggest the world, and particularly the United States, has reached what Collins refers to as "peak wealth inequality."
Collins and report co-author Josh Hoxie, who heads the IPS Project on Opportunity and Taxation, put forth a number of solutions to reverse this trend, including closing offshore tax havens and tax code loopholes, which they say the wealthy frequently exploit. Further, the report calls for the re-institution of progressive income tax policies, which would both "break up the concentration of wealth and generate trillions of dollars in new revenue to invest in wealth building opportunities for working families."
Among the report's other recommendations to help spread the wealth: raising the minimum wage and overhauling campaign finance, to stem the influence of money on politics.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.