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:

With Amazon Accused of Cheating, NLRB Official Says Workers Should Get Another Union Vote

"Amazon cheated, they got caught, and they are being held accountable," said the head of the Retail, Wholesale, and Department Store Union.

Jake Johnson ·


Biden, Pelosi, and Schumer Told 'Stop Playing the Blame Game' and Extend Eviction Moratorium

"Who are the adults in the room?" asked the Sunrise Movement's advocacy director. "Do whatever it takes to extend the eviction moratorium and end this eviction emergency."

Jessica Corbett ·


Report Outlines 'Crucial' Need for Biden Administration to Aid Climate Refugees

"Ready solutions are available to address root causes and displacement that are centered in human rights and humanitarian protection."

Brett Wilkins ·


Hundreds Arrested in DC Demanding Voting Rights, End to Poverty, and Death of Filibuster

Clergy and low-wage workers with the Poor People's Campaign are also calling on Congress to treat the nation's immigrants with respect.

Jessica Corbett ·


'He Should Resign': Women's Rights Group Denounces Violent Misogyny of Kevin McCarthy

"With Kevin McCarthy voting against the reauthorization of the Violence Against Women Act, it is clear that his comments are reflective of his deeply held beliefs about how women should be treated."

Brett Wilkins ·