Meet the Global Financial Elites Controlling $46 Trillion In Wealth
Posted By: Marta Fernandez on August 14, 2011 |
The economic elite have at least $46 trillion in wealth – but who are they? We look at the people and the industries picking the pockets of the working class.
August 11, 2011 |
The following is an adapted excerpt from David DeGraw’s new report on the financial destruction of the United States. The full report can be read here: Analysis of Financial **** in America.
“There’s class warfare, all right, but it’s my class,
the rich class, that’s making war, and we’re winning.”
– Warren Buffett, Chairman and CEO of Berkshire Hathaway
How Much Wealth Do The Economic Elite Have?
While 68.3 million Americans struggle to get enough food to eat and wages are declining for 90 percent of the population, US millionaire household wealth has reached an unprecedented level. According to an extensive study by auditing and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion in wealth. On top of the $38.6 trillion this study reveals, they have an estimated $6.3 trillion hidden in offshore accounts.
In total, US millionaire households have at least $45.9 trillion in wealth, the majority of this wealth is held within the upper one-tenth of one percent of the population.
If all this isn’t obscene enough, to further demonstrate how the global economy has now been completely rigged, Deloitte’s analysis predicated, based on current trends, that US millionaire households will see a 225 percent increase in wealth to $87.1 trillion by 2020. Accounting for wealth hidden in offshore accounts, they are projected to have over $100 trillion in total within the next decade.
Most people cannot even comprehend how much $1 trillion is, let alone $46 trillion. One trillion is equal to 1000 billion, or $1,000,000,000,000. To put it in perspective, last year the entire cost of feeding all 40 million Americans on food stamps was $65 billion.
Now consider, according to the latest IRS data, only 0.076 percent of the population, less than one-tenth of one percent, earned over $1 million in 2009.
The graph below, based on data from the Tax Policy Center, shows how much income is earned by a household at any given percentile in income distribution:
The highest bracket for annual income is $50 million or more. Only 74 Americans are in this elite group. The average income within this category was $91.2 million in 2008. As astonishing as that is, in 2009 they averaged $518.8 million each, or about $10 million per week. This means, in the depths of the recession, the richest 74 Americans increased their income by more than five times within this one year. These 74 people made more money than 19 million workers combined.
In context, overall, the richest 400 people in the US have as much wealth as 154 million Americans combined, that’s 50 percent of the entire country. The top economic 1 percent of the US population now has a record 40 pecent of all wealth, and have more wealth than 90 percent of the population combined.
Who Rules America? Revealing The Economic Top 0.1 Percent
Here is an analysis from an investment manager with mega-wealthy clients breaking down the economic top 0.5 percent of the population, recently published by William Domhoff, sociology professor and author of Who Rules America?:
“Unlike those in the lower half of the top 1%, those in the top half and, particularly, top 0.1%, can often borrow for almost nothing, keep profits and production overseas, hold personal assets in tax havens, ride out down markets and economies, and influence legislation in the US. They have access to the very best in accounting firms, tax and other attorneys, numerous consultants, private wealth managers, a network of other wealthy and powerful friends, lucrative business opportunities, and many other benefits.
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