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Cake day: October 7th, 2023

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  • Billionaires now control 1 out of every 25 dollars of American wealth.

    1/25=4%

    According to Google, there are 735 billionaires in the US, and the US population is 336,269,260. That makes Billionaires about 0.000002% of the population.

    And they control 4% of the wealth. (And that’s probably not counting money they have hidden and sheltered.)

    For reference, 4% of the population would be 13,450,770.

    So 735 people have as much wealth as would be held by about 13.5 million people, if all wealth was distributed evenly. So each billionaire would be worth about 18,000 people.

    But, it’s even worse in our current distribution:

    Due to this influx to the very top, these 800 individuals now collectively control 1.5 times more wealth than the entire bottom 50 percent of American households, who share $3.7 trillion between 65 million households.

    And, since money is free speech, that means these 735 billionaires have 1.5 times the voice of 65 million people, the majority of Americans, combined.

    We’ve gone full oligarchy.