The nonpartisan Congressional Budget Office (CBO) on Tuesday published Trends in the Distribution of Family Wealth, 1989 to 2019, a report revealing that while the total real wealth of U.S. families tripled over those 30 years, the growth was dramatically unequal.
Families in the top 10% and in the top 1% of the distribution, in particular, saw their share of total wealth rise over the period,” the report notes. “In 2019, families in the top 10% of the distribution held 72% of total wealth, and families in the top 1% of the distribution held more than one-third; families in the bottom half of the distribution held only 2% of total wealth.
The CBO report also highlights the persistent racial wealth gap in the United States. In 2019, white families’ median wealth was 6.5 times that of Black families, 5.5 times that
— source commondreams.org | Sep 28, 2022