Data acquired and calculated by Finbold indicates that 10% of the United States upper class account for 69.2% of the country's total household wealth as of Q4 2020. The country's top 1% richest controls a fortune of $38.91 trillion, translating to 31.4% of the entire household wealth. Elsewhere, another 9% of the rich account for 38.2% of the household wealth at $46.99 trillion.
About 40% of Americans control $34.81 trillion representing 28.3% of the household wealth. Lastly, the bottom 50% class controls $2.49 trillion of household wealth or just 2%.
Comparing household wealth distribution between Q4 1990 and Q4 2020 shows a staggering difference between the upper and lower classes. During the period, the country's top 1% richest saw their fortune grow 675%, from $5.02 trillion to $38.91 trillion.
For the 9% richest, their wealth grew 494%, from $7.9 trillion to $46.99 trillion. Elsewhere, 40% of Americans recorded a 349% increase in wealth from $7.75 trillion to $34.81 trillion. For the bottom 50%, their wealth increased by 219%, from $0.78 trillion to $2.49 trillion.
Concerns over wealth distribution inequality
The report takes note of the wealth distribution among the population classes highlighting the implication. According to the research report:
"The wealth inequality in the U.S. has been a source of debate for years. Based on the wealth growth rate, there is the view that lower-class people might keep experiencing diminished economic opportunity and mobility."
With economic activities resuming, the lower class might benefit but not at the same as the upper classes. A thriving economy means that people can spend and save money.