There is a staggering amount of wealth in America. That wealth only continues to grow.
The global coronavirus pandemic hasn’t stopped this growth. Many of America’s wealthiest people were able to add billions to their bank accounts during 2020.
But as the rich get richer, the wealth gap in America only continues to grow wider.
Do you want to find out more about money in America? Keep reading to find out about 5 money facts that might just shock and surprise you.
- The Rich Are Getting Richer
Rich people in the US continue to increase their wealth.
Over the past 10 years, the wealth of billionaires in the country has almost doubled. In terms of 2020 dollars, it has increased by more than 80%.
- How Wealthy Are the Wealthy?
In March 2020, the three richest billionaires in the US were Jeff Bezos, Bill Gates, and Mark Zuckerberg.
Jeff Bezos is the founder and CEO of Amazon. His estimated net worth is $179 billion.
Bill Gates co-founded the Microsoft Corporation. His net worth is approximately $111 billion.
Mark Zuckerberg is the founder of the social media platform Facebook. His net worth is estimated to be around $85 billion.
- The National Wealth Gap
By 2018, the gap between the rich and the poor had reached a record high.
Three of America’s richest billionaires – Jeff Bezos, Bill Gates, and Warren Buffett – are now as wealthy as the bottom half of all US households combined.
The 400 richest people in America own as much wealth as the bottom 64% in the country. That means that these 400 people own almost two-thirds of the nation’s household wealth.
- The Wealth Gap Has Widened
American billionaires have been able to grow even richer during the global Covid pandemic.
In March 2020, American billionaires had a collective wealth of approximately $2.9 trillion. By April 2020, the net worth of these American billionaires had soared to $3.2 trillion.
For example, in the first four months of 2020 alone, Jeff Bezos’ wealth increased by around $25 million.
If you’re looking to increase your own wealth, just like these American billionaires have, tune in to the wealthability podcast.
- The Wealth Gap Between Races
The wealth gap between races in the US also continues to exist.
According to data from the Fed, in 1990, white households owned 90.7% of household wealth in the US. In comparison, Black households only owned 3.8%, and Hispanic households owned just 2.1%.
This racial inequality remains in the country today. By 2019, white households owned 85.5% of household wealth. Black households owned 4.2%, and Hispanic households owned only 3.1%.
Money Facts About Wealth in America
These are just 5 money facts that may shock and surprise you about the US.
There is a huge amount of wealth in America. But as the rich continue to get richer, the wealth gap continues to get wider.
Are you looking to increase your own wealth? Take a look at some of our other articles to help and inspire you.