Friday , August 19 2022

The massive wealth of the 400 richest people in the United States. (and why is the situation compared to a century ago)



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Since 1986 this unique group, representing 0.00025% of the population, concentrated 1.1% of national wealth to 3.2% in 2016.

Jeff Bezos, Bill Gates and Warren Buffet are leading the list of the richest 400 people in the United States.

The billionaires club focuses around 3% of all the wealth produced by the country.

As a comparison, if there were a huge party where a cake is distributed to all guests, the club would have a piece of more than 150 million people.

What's New ?: that's a unique group slice has tripled in the last 30 years, according to a study published by a professor at the University of California, Berkley, Gabriel Winner, who won the "Young Young Economy 2018" award awarded by the European Economic Association.

Since 1986 this unique group, representing 0.00025% of the population, concentrated 1.1% of national wealth to 3.2% in 2016.

By contrast, the fortune that focuses on most of the population in the same period has decreased, according to the World Inequality Database.

The economist warns that the concentration of wealth is even more similar, given that people who have a big boom "can take advantage of many opportunities to avoid and throw taxes."

"For the rich, wealth produces power," he said.

And how can that gap be reduced? BBC Mundo Zucman asked.

"The best way to change inequality in the US is to get a wealth wealth that is increasing ", that is, that has an impact on the redistribution of resources, answered by e-mail.

The return to the decade of the 20s?

The research, of the name "Global Economic Inequality" and published by the National Economic Research Office, states that the current situation of inequality in the United States today. It is similar to that that existed almost a century ago, taking into account the historical evolution of the wealth of 0.1% of the most wealthy population.

"The concentration of wealth has returned to levels that have not been seen since the 1920s," said Zucman.

Another aspect that the research indicates is that the capital accrued by people is used for different purposes.

In the case of the billionaires, wealth itself generates income by interest, dividends, capital gains and income. That is, when it reaches a collection point, it reproduces itself.

But in the case of ordinary people, savings serve to face unexpected events or financial retirement.

To analyze wealth, Zucman included the value of everything that a person owns, apart from his debts. That includes property, land, income, shares, participation in companies or money in bank accounts.

The increase in income

As a colleague, other economists argue that the country as a whole has continued to grow and beyond inequality People with less income have benefited from prosperity.

And they criticize that focusing on inequality is just a desperate way of analyzing the results of economic policies, without looking at how the greatest wealth has expanded into wider sectors of the population.

According to the last consumer survey made by the Federal Reserve every three years, average household income increased by 10% between 2013 and 2016.

But also, in the different socio-economic, ethnic groups and from a different educational level, the average income also increased.

On the other hand, although the average income is still below its level before the 2008 financial crisis (about US $ 2,000 less than in 2007, after adjusting to inflation), the latest data available suggests a positive trend in the last decade.

In recent years, Donald Trump's government followed the path exactly opposite what Zucman offers.

The president acted that higher tax repayment of last decades, including a tax cut to the societies from 35% to 21% and a maximum discount for the most rents from 39% to 37%.

White House protects this policy because, in his opinion, the lower the burden of tax, the more the economy is stimulated as consumers have more money to spend and companies to invest.

Therefore, Republicans are committed to producing more wealth by reducing taxes and not re-distributing them, as proposed by Zucman.

The list of 400

Over the last decade, the list of the richest 400 people in the United States has changed, especially after the emergence of large technology companies, although some family groups maintain their position on the list.

At the latest site developed by Bloomberg on the the richest family dynasties in the world, are the first ones of American origin.

It is about Walton's, which controls half Walmart; the Kochs, with interests in different industries; and Mars, owners of the largest brands of chocolates on the planet.

At the individual level, Forbes magazine looks at how the fortune called "Forbes 400" varies.

Here is the top ten of the list, which is still under the guidance of the owner of the Amazon, Jeff Bezos, which is the title of the richest man in the world.

The 400 richest people in the United States Fortune in billions of dollars
Jeff Bezos 160
Bill Gates 97
Warren Buffett 88
Mark Zuckerberg 61
Larry Ellison 58
Larry Page 53
Charles Koch 53
David Koch 53
Sergey Brin 52
Michael Bloomberg 51

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