We have finally begun to fight back, together, as a massive force of Americans who refuse to let the theft continue.
The Richest 1% Extracted Wealth from Every Other Segment of SocietyThese multi-millionaires effectively shifted nearly $4 trillion in wealth away from the rest of the nation to themselves in 2016. While there's no need to offer condolences to the rest of the top 10%, who still have an average net worth of $1.3 million, nearly half of the wealth transfer ($1.94 trillion) came from the nation's poorest 90% -- the middle and lower classes, according to Piketty and Saez and Zucman. That's over $17,000 in housing and savings per lower-to-middle-class household lost to the super-rich.
Put another way, the average 1% household took an additional $3 million of our national wealth while education and infrastructure went largely unfunded.
It Gets Worse: Each MIDDLE-CLASS Household Lost $35,000 to the 1%
According to Piketty and Saez and Zucman, the true middle class is "the group of adults with income between the median and the 90th percentile." This group of 50 million households lost $1.76 trillion of their wealth in 2016, or over $35,000 each. That's a $35,000 decline in housing and financial assets, with possibly increased debt, for every middle-class household.
Housing Wealth for the 90% Has Been Converted into Investment Wealth for the Plutocrats
In the 1980s, the housing wealth of the bottom 90% made up about 15 percent of total household wealth (Figure 8 here and Page 41 here).
In the 1980s, the corporate equities owned by the richest .01% made up about 1.2 percent of total household wealth (Figure 8 here).
Housing was 12 times greater than super-rich stock holdings back then. Now they're nearly equal. The home values of 112,000,000 households have been reduced to just over 5 percent of total wealth, while the stocks and securities of the richest 12,000 households are approaching 5 percent of total wealth. Our homes have turned to dust, and the plutocrats have turned the dust into gold.