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.

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.

One Year In, Biden Fails to Boost C- Grade on Environment

The Center for Biological Diversity Action Fund assessment indicates the administration's action to deliver on environmental promises "desperately needs improvement."

Jessica Corbett ·


'A No-Brainer': Lawmakers Urge Pelosi to Hold Vote on Stock Trading Ban

"Perhaps this means some of our colleagues will miss out on lucrative investment opportunities," said House members in a bipartisan letter. "We don't care."

Jessica Corbett ·


Virginia Schools Sue Youngkin Mandate Making Masks Optional

The Republican governor wants to allow parents to decide whether their children should wear masks to school to mitigate Covid-19 transmission—guidance at least 58 school districts have no plans to follow.

Julia Conley ·


US Puts Troops on Standby as War Tensions Over Ukraine Mount

The U.K. threatens "lightning war" as military forces mobilize in eastern Europe.

Andrea Germanos ·


Advocacy Group Urges Pfizer to Combat Paxlovid Inequality

"Help end the pandemic this year around the world," one advocate told Pfizer. "Not just in a handful of rich countries."

Kenny Stancil ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo