Rich-Poor Gap: 1% American elites possess 41 times of total resources

US Poverty

WEB DESK – The champion of global equality for every suppressed nation has have to look at its own situation now as according to a latest research the America’s one percent elites had 41 times of total resources when compared to the rest.

The Sadoff Investment Research firm of Wisconsin released the results of a recent report. According to the report the ongoing issue of inequality is continuing to keep America’s poor vastly separated from the more financially fortunate.

According to the investment group’s recent findings, the top one percent of wage-earning households in the US were reaping in around $ 1,264,065 in 2012 — or around 41-times as much as the average income for all wage-earners, who pulled in a comparable meager mean income of $30,997 that year.

The greatest demonstration of inequality is most evident in the income generated by not the top one percent, though, but by the sliver of the US population that makes more than 99.9 percent of the country. According to the firm’s research, the top 0.1 percent of Americans earned around $6,373,782 during that same 12-month span — or around 206 times what the average family in the US earned.

“The ‘top one percent’ might be the primary target of the masses’ ire and envy, but it’s actually the top 0.1 percent who are grabbing a bigger slice of wealth,” Matt Krantz wrote for USA Today this week.

With regards to the .1 percent, the researchers found that nearly a quarter of those wealthy Americans earned their money through work in the nation’s financial industry. Around 40 percent are either executive, managers and supervisors, the study found, and the ‘vast majority’ of them live in New York, Los Angeles, San Francisco, Chicago, Washington D.C. or Houston.

Think Progress writer Bruce Covert wrote this week that gap between rich and poor has been growing steadily since the 1970s, but is now at a level that hasn’t been seen since the Great Depression.

“Since the 1980s, the top 0.1 percent of the wealth distribution, or those who have more than $20 million in assets, has seen big increases, and the top 0.01 percent, or those with more than $100 million, has seen even bigger ones. But there hasn’t been a big jump in wealth inequality for people below the 0.1 percent,” Covert wrote.

About the author

Hissan Khan

Hissan Khan is currently working as the Editorial Head of Pakistan Tribe's Islamabad Office. Having work as current affairs host, news analyst and C4D expert, Hissan holds a good command over communication and development strategies.

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