The only people whose means have soared are at the very top, because they’ve received almost all the gains from growth. Over the last three decades, the top 1 percent’s share of the nation’s income has doubled; the top one-tenth of 1 percent’s share, tripled. The richest one-tenth of 1 percent is now earning as much as the bottom 120 million Americans put together.
Wealth has grown even more concentrated than income (income is a stream of money, wealth is the pool into which it flows).
The richest 1 percent now own more than 35 percent of all of the nation’s household wealth, and 38 percent of the nation’s financial assets – including stocks and pension-fund.
Think about this: The richest 400 Americans have more wealth than the bottom 150 million put together. The 6 Walmart heirs have more wealth than bottom 33 million American families combined.
So, you ask me why there’s a need for a Wealth Explosion.