How concentrated is wealth in the US? In 2007, America’s top 1 percent held nearly $3.3 trillion more wealth than the entire bottom 90 percent, according to Federal Reserve Survey of Consumer Finances data released early in 2009.
To make matters worse, as the web site “Too Much: A Commentary on Excess and Inequality” explains:
these figures actually understate the wealth of America’s richest because each Federal Reserve wealth survey ‘specifically excludes’ individuals who appear in the survey year’s Forbes magazine list of America’s 400 richest. In 2007, the Forbes 400 held over $1.5 trillion in wealth, over 2 percent of the nation’s total wealth — and nearly as much as the entire bottom 50 percent of Americans combined.