The Wealth Gains That Made 2020 a Banner Year for the Richest 1%

Bloomberg2021-03-23

Top group added $4 trillion, more than a third of new wealth Americans without college degree saw their wealth share shrink The rich got richer in the U.S. last year, as wealth created by rebounding ...

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Comments

Alex77
2021-03-23
Alex77
Comment and like. Thks
- Smelly Tiger:
  ?
- jc0110:
  ok
Looweihao
2021-03-23
Looweihao
Nice
Teslawonder
2021-03-23
Teslawonder
Pls like and comment if you like and believe in this great article. Thanks
J5385
2021-03-23
J5385
is nothning to them
dandan_4896
2021-03-23
dandan_4896
I love u
- XiaTian:
  [微笑]
- J5385:
  like
chiew
2021-03-23
chiew
More
- dandan_4896:
  and i love u more and more
- Poggki:
  yes, more and more

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Holders of a degree held 71.8% of the national total at the end of last year, an increase of a full percentage point, after adding $9.3 trillion in net worth.\n\nBy comparison, households without a high school degree saw their wealth shrink by $111 billion. This group now holds only 1.6% of the country’s wealth, a record low in data going back to 1989.\nAge and Youth\nThe share of wealth held by Americans age 55 to age 69 is being squeezed, the Fed data show, while the age-groups immediately above and below them posted gains.\nThe 55-69 age cohort, made up of the younger portion of so-called Baby Boomers, saw its share fall to 42.8% from 43.6% a year earlier. Americansagedunder 40 fared slightly better but still hold less than 6% of the national wealth -- roughly half their share in the late 1980s.\n\nRacial Gaps\nThe challenges of racial inequality in the economy are near the top of the Biden administration’s agenda. The Fed’s data showed that wealth held by White Americans exceeded $100 trillion in 2020 for the first time, double what it was when the Great Recession ended in June 2009.\nOther racial groups saw their wealth increase at a broadly similar pace in 2020 -- but from a much lower base. Despite declining home homeownership rates since the pandemic, Black Americans gained almost $150 billion in real estate equity last year, the largest gain in four years.\n\nWhite Americans, who make up more than 60% of the total population, are older on average which generally means they’ve had more time to accumulate wealth. About 18.5% of the population is Hispanic and 13.4% is Black.\nFed researchers have pointed out how wealth or the lack of it can be transmitted across generations. “White families are both more likely to have received an inheritance and are also more likely to expect to receive an inheritance,” according to a study published last year.\nLiquid Wealth\nOne big pandemic shift that emerges from the Fed data is the tendency for higher net-worth households to keep a chunk of their wealth in the most liquid form. The total amount of checkable deposits and currency surged past $3 trillion last quarter, up from $1.2 trillion at the end of March.\n\nThe increase may reflect greater caution amid the turmoil caused by Covid-19, as well as a lack of immediate spending opportunities during lockdowns.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":353873057,"gmtCreate":1616486986179,"gmtModify":1704794704078,"author":{"id":"3560394851002481","authorId":"3560394851002481","name":"Alex77","avatar":"https://static.tigerbbs.com/da14fbb2adbae4651f74cd7d3331bc3a","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3560394851002481","authorIdStr":"3560394851002481"},"htmlText":"Comment and like. Thks","listText":"Comment and like. Thks","text":"Comment and like. 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Thanks","listText":"Pls like and comment if you like and believe in this great article. Thanks","text":"Pls like and comment if you like and believe in this great article. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353845730","repostId":1185818116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353845211,"gmtCreate":1616486545533,"gmtModify":1704794698575,"author":{"id":"3573450191379774","authorId":"3573450191379774","name":"J5385","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573450191379774","authorIdStr":"3573450191379774"},"htmlText":"is nothning to them","listText":"is nothning to them","text":"is nothning to them","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353845211","repostId":1185818116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353845395,"gmtCreate":1616486491917,"gmtModify":1704794698089,"author":{"id":"3576232257279797","authorId":"3576232257279797","name":"dandan_4896","avatar":"https://static.tigerbbs.com/d8b00e27a4dd6f248e38c3d78f21f188","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3576232257279797","authorIdStr":"3576232257279797"},"htmlText":"I love u","listText":"I love u","text":"I love 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i love u more and more","text":"and i love u more and more","html":"and i love u more and more"},{"id":3861196,"gmtCreate":1616486157233,"gmtModify":1680781388091,"authorId":3564876523975472,"author":{"id":3564876523975472,"idStr":"3564876523975472","authorId":3564876523975472,"name":"Poggki","avatar":"https://static.tigerbbs.com/96397c64f0a59449e5573036608f7d30","vip":1,"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":353841415,"type":1,"supId":0,"prevId":0,"content":"yes, more and <u>more</u>","text":"yes, more and <u>more</u>","html":"yes, more and <u>more</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":9,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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