About 32,000 people control 11 percent of American wealth

Economists Emannuel Saez and Gabriel Zucman (both known for past collaborations with Thomas Piketty) have a new paper out that takes a new approach to computing wealth information from income tax data, which lets them get a detailed look at the wealth of the very wealthy. There's a lot going on in the new working paper, but the basic empirical finding is here:

(Saez & Zucman)

The basic punchline is that wealth — accumulated asset ownership — is very, very concentrated and has been growing more concentrated for a generation. Back in 1980, 0.01 percent of the population owned three percent of national wealth. Today that top 0.01 percent, about 32,000 people, owns about 11 percent of national wealth. That's a staggering increase from an already high base.

To learn more, watch Ezra Klein explain how wealth inequality can undermine American democracy:

Will you support Vox’s explanatory journalism?

We'll be honest: advertising alone isn't enough for Vox, or most newsrooms, to do the amount of high-quality journalism that the world needs and keep it free. We count on contributor support in order to produce nuanced, clear, and optimistic journalism. We don't have a paywall or ask our readers to subscribe in order to see our content, so instead, we’re coming to you this #GivingTuesday to ask you to make an investment in our future. If you’ve read an explainer this year that helped you to see an issue more clearly, got the answer to a long-time question, or just plain learned something, then we hope you’ll consider making a contribution of $20 or whatever you can today.

One-Time Monthly Annual

$5/month

$10/month

$25/month

$50/month

Other

$

Yes, I'll give $5/month

Yes, I'll give $5/month

We accept credit card, Apple Pay, and Google Pay. You can also contribute via