Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Corporate gatekeepers and big tech monopolists are making it more difficult than ever for independent media to survive. Please chip in today.

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.

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.

Wall Street-Funded Democrat PAC to Spend $1 Million in Bid to Unseat Tlaib: Report

"Imagine spending $1 million to oust Rashida Tlaib instead of organizing in Detroit to make sure Michigan goes blue," quipped one progressive group.

Brett Wilkins ·


Parents Demand Fossil Fuel Non-Proliferation Treaty 'For the Sake of the Children'

"We cannot remain silent as the fossil fuel industry and world leaders rob our children of a livable future," parents from 32 nations wrote in an open letter.

Brett Wilkins ·


'We Can Do Better' Than Biden's Paltry Student Debt Relief Plan, Says AOC

The president's approach, said the New York Democrat, is "just enough to anger the people against it *and* the people who need forgiveness the most."

Julia Conley ·


Right-Wing Supreme Court Poised to Make US Gun Carnage Even Worse

The U.S. Supreme Court's right-wing majority could soon "obliterate even the mildest of gun regulations in service of its gun lobby masters."

Kenny Stancil ·


'Enough Is Enough!': Thousands Protest Outside NRA Convention in Texas

"I'm just tired of the NRA subordinating children's rights for gun rights," said one gun lobby opponent just three days after the school massacre in Uvalde.

Brett Wilkins ·

Common Dreams Logo