The share of the U.S. wealth pie owned by the top 0.1 percent grew 59.6 percent from 1989 to 2024, according to an Institute for Policy Studies analysis of Federal Reserve data, while the share of the U.S. wealth pie owned by the bottom 50 percent of households has declined 26.1 percent, adjusted for inflation.

This bottom half of households in America — 66 million of them — had $4.1 trillion all together at the end of 2024. The 905 billionaires in the United States hold a combined $7.8 trillion in wealth, according to Forbes data from September 29, 2025. This alarming narrowing of wealth has given those at the very top political influence and power that undermines our democracy.

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