The top 0.1 percent in the United States, Robert Frank reports for CNBC, who “have a net worth of more than $100 million,” controlled “just under 12 percent” of America’s wealth as of 2014. And the situation is only getting more dire: “Over the past half century, they have nearly quadrupled their share.”
If the Inequality Project researchers are correct, that means the .01 percent in America could in truth control significantly more than 12 percent of all of the wealth in the country and could also be more than 30 percent richer than they appear.
Frank notes that “the U.S. still has far and away the largest number of millionaires, with eight million. China ranks second with 2.1 million, followed by Japan with 1.1 million and the United Kingdom with 961,000.”
It is unclear to what degree President Donald Trump’s proposed tax plan will close loopholes or in other ways push for America’s super-rich pay taxes on their hidden, as well as their acknowledged, wealth.
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