Wealth Inequality: “The boomer generation is becoming one of haves and have-nots”
October 23, 2019
“…“wealth inequality has grown tremendously from 1989 to 2016, to the point where the top 10% of families ranked by household wealth own 77% of the wealth ‘pie.’ The bottom half of families ranked by household wealth own only 1% of the pie.”…
…The NIRS report indicated that from 2004 to 2016, the share of financial assets owned by the wealthiest 5% of boomer households grew from 52% in 2004 to 60% in 2016. And the share owned by the top 10% rose from 68% to 75%.
While the share of financial assets owned by the top 25% of boomer households grew from 86% to 91%, the share owned by the bottom 50% shrank from 3% in 2004 to under 2% in 2016…”