Highest income generators now hold 26.5 percent of total household net worth.
The Federal Reserve released income data for the month of June in late September, tracking a continued increase in revenue generation for the wealthiest households in America. The top 1 percent of households increased their wealth to $45.78 trillion, almost one-third of the total $146 trillion of household net worth. Of that $45.78 trillion, the top 0.1 percent of income earners increased their wealth to nearly $19 trillion.
Economists are concerned that the top 1 percent income earners continued to generate more money through both the pandemic and in the wake of its recovery, going against the loss in revenue seen among the remaining 99 percent. This historic change of pace does not bode well for either America’s rising inflation or the ability of Federal Reserve policy alone to address that inflation.
As the Lord Leads, Pray with Us…
- For Chairman Jerome Powell and members of the Federal Reserve as they assess inflation.
- For U.S. economists and administration officials as they advise the president on the nation’s economy.
Sources: Reuters, The Federal Reserve
