Here's where all the wealth went:
NEW YORK, NY - MAY 6: Katy Perry attends The Metropolitan Museum Of Art's 2019 Costume Institute Benefit"Camp: Notes On Fashion" at Metropolitan Museum of Art on May 6, 2019 in New York City. It's nearly ten years since the federal minimum wage has increased: 3,616 days today. A record.
At the starting period, Q3 of 1989, the percentage of total wealth owned by the top 1% of the economic order was 23%. For the 90% to 99%, the percentage was 38%. The 50% to 90% had 36% of the wealth and the bottom half owned 4% of the wealth. Now move up to the last quarter of 2018. The 1% represents 3.3 million people with wealth of $30.37 trillion, or $9.2 million a person. The lower 50%, 163.6 million, split $1.17 trillion for about $7,151 a person., the buying value of a dollar roughly doubled over the period of time. For those in the bottom half of the economy, personal wealth was only up about 20.9%, meaning they were further behind than in 1989 because the dollar today is worth comparatively less.
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