“When we see multi-million dollar transactions happen every day, while people cannot afford their rent every day, we have to do more.”
Bernie’s Right: Three Billionaires Really Do Have More Wealth Than Half of America
And in addition to the 3 billionaires Bernie mentioned, we should also be worried about the expanding fortunes of multi-generational wealth dynasties.
Blogging Our Great Divide
June 28, 2019
The wealthiest 3 billionaires in the U.S. – Jeff Bezos, Bill Gates and Warren Buffett — now have as much wealth as the bottom half of the U.S. population combined.
Those were the first words spoken at last night’s 2020 Democratic Debate, citing a wealth inequality study by the Institute for Policy Studies.
In fact, Sen. Bernie Sanders mentioned the study, Billionaire Bonanza, several times during the debate.
These extreme levels of wealth inequality are possible, in part, because the bottom fifth of U.S. households are underwater, with zero or negative net worth. And the next fifth has so few assets to fall back on that they live in fear of destitution.
“We’re developing into a plutocracy,” said former Federal Reserve Chairman Paul Volcker.
Some more powerful IPS statistics from our latest edition of Billionaire Bonanza: One troubling indicator that we are drifting toward a society governed by the wealthy is the expanding fortunes of multi-generational wealth dynasties.
The three wealthiest U.S. families are the Walton’s of Walmart, the Mars candy family, and the Koch brothers, heirs to the country’s second largest private company, the energy conglomerate Koch Industries. These are all enterprises built by the grandparents and parents of today’s wealthy heirs and heiresses.
These three families own a combined fortune of $348.7 billion, which is four million times the median wealth of a U.S. family.
Since 1982, these three families have seen their wealth increase nearly 6,000 percent, factoring in inflation. Meanwhile, the median household wealth went down 3 percent over the same period.
The dynastic wealth of the Walton family grew from $690 million in 1982 (or $1.81 billion in 2018 dollars) to $169.7 billion in 2018, a mind-numbing increase of 9,257 percent.