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  • 400 U.S. households possess more wealth than the bottom 150 million U.S. citizens.

    400 U.S. households possess more wealth than the bottom 150 million U.S. citizens. | Photo: Reuters

Published 6 August 2019

“The wealthiest people in the U.S. will truly 'have it all' just 33 years from now," finance columnist Scott Burns wrote.

If wealth inequalities between rich and poor continue to widen at the current rate in the United States, the richest ten percent will own 100 percent of the wealth by 2052, according to an analysis published Sunday by Dallas Morning News finance columnist Scott Burns.

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“The wealthiest people in the U.S. will truly 'have it all' just 33 years from now," the columnist wrote.

The finance expert reached this conclusion by analyzing the changes in shares of net worth in every three-year period since 1989 based on Federal Reserve data. “However you slice it, the rich have been getting richer. Lots richer,” he added.

From 2013 to 2016, the top 10 percent of households increased their share of total wealth from 75.3 percent to 77.2 percent. That's a share gain of 1.87 percent in just three years.

"If they continue to gain share at that rate," the analyst added, "they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."

The projection comes as various studies warn that wealth inequality in the U.S. is deepening and the trend is not showing any sign of changing, especially under President Donald Trump.

In February, economist Gabriel Zucman published a study showing the top 0.00025 percent which barely represents 400 U.S. households, enjoys more wealth than the bottom 150 million U.S. citizens.

Three months later, Matt Bruenig, policy analyst and founder of the left-wing think tank People's Policy Project, showed that the bottom half of U.S. national lost US$900 billion in wealth between 1989 and 2018, while "the top one percent increased its total net worth by US$21 trillion," over the same period.

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