Wealth Inequality In The US

By Elizabeth Flatley 

Fun fact, the top three richest billionaires: Jeff Bezos, with 114 billion, Bill Gates, with 106 Billion, and Warren Buffet, with 81 million own as much as the bottom half of America. It seems that since quarantine has begun, many major companies have benefited from increased sales and huge profit margins. People staying at home except for essential necessities has caused online purchasing and shopping to go through the roof. The entertainment businesses, supermarkets, and online retailers have exploited and gained so much during 2020 alone.  As stated in theguardian.com, Jeff Bezos has grown his fortune by 24 billion further during the COVID-19 pandemic roughly a twenty percent increase since January. Now, these numbers from the  400 richest nations in Forbes Magazine, which prove one of the most visible indicators of Wealth Inequality in America. Even within Forbes Magazine’s top 400 list, inequality raises through the charts. According to Inequality.org, “As of 2019, the net worth of the richest member of this group was 21 times larger than the net worth of the richest member in 1982.” Since 1982, just seven single men hold this spot: Daniel Ludwig (1982) a shipping magnet, Gordon Getty (1983-1984) oil executive, Walmart founder Sam Walton (1985-1988),  John Kluge (1989-1991) media company owner, (1992-2017 except 1993) Microsoft founder Bill Gates, Warren Buffett (1993), and Amazon founder Jeff Bezos (2018-2019). The bulk of the top one percent’s wealth is not absolute; the rich do not just have more money than most people. Many of the people who are richer have their wealth come from many profitable sources. The amount of money that the top 1% has invested in stocks makes up more than half of the Nation’s wealth, ninety percent of the bottom half of America’s money comes from their property/homes, as opposed to stocks. This category happened to take one of the bigger hits throughout the time of the Great Recession. Now, more than ¾ of the total debt of the citizens of America belongs to the bottom 90%.is held by these Americans.