Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

CEO and founder of Amazon Jeff Bezos participates in a discussion during a Milestone Celebration dinner September 13, 2018 in Washington, D.C. (Photo: Alex Wong/Getty Images)

'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion

"The top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing."

Jake Johnson

Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis published Friday found that the top one percent of Americans gained $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion.

"We have the worst inequality in this country since the 1920s."
—Rep. Pramila Jayapal (D-Wash.)

Matt Bruenig, founder of the left-wing think tank People's Policy Project, broke down the Federal Reserve's newly released "Distributive Financial Accounts" data series and found that, overall, "the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets."

The growth of wealth inequality over the past 30 years, Bruenig found, is "eye-popping."

"Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion," Bruenig wrote. "The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period."

"Enormous crisis," Rep. Pramila Jayapal (D-Wash.) tweeted in response to Bruenig's analysis.

"We have the worst inequality in this country since the 1920s," wrote Jayapal, co-chair of the Congressional Progressive Caucus. "Three wealthiest people in America have as much wealth as the bottom 50 percent."


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Please select a donation method:

'Truly Disturbing': Facebook Blasted for Blocking NYU Researchers Examining Ad Model and Misinformation

"It is disgraceful that Facebook is attempting to squash legitimate research that is informing the public about disinformation on their platform."

Jessica Corbett ·


After Decades-Long Grassroots Push, Key Senate Panel Votes to Repeal Iraq War Authorization

Rep. Barbara Lee, the only member of the U.S. House to vote against the AUMF in 2001, called the vote "a major victory in our fight to end forever wars."

Julia Conley ·


Mexico Files Historic Lawsuit Against US Gun Companies Fueling Cartel Carnage

The first-of-its-kind suit alleges U.S. weapons firms "design, market, distribute, and sell guns in ways they know routinely arm the drug cartels in Mexico."

Brett Wilkins ·


US Peace Groups Call for Biden and Congress to Adopt 'No First Use of Nuclear Weapons' Policy

The U.S. "has nuclear weapons on hair-trigger alert, ready to strike first and begin a nuclear war that could result in the deaths of billions of people around the globe," warned one coalition member.

Kenny Stancil ·


As EPA Forced to Finalize New Rules, Report Details Widespread Use of Neurotoxic Pesticide Across US

"For years, the EPA has avoided protecting children from learning disabilities and has kept chlorpyrifos on the market, in our food, and in our water."

Jessica Corbett ·