America's super rich hold 27 pct of national wealth, more than middle class combined

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[Photo/Agencies]

WASHINGTON – The top one percent of American earners now holds a bigger share of US wealth than all of the country’s middle class, according to a recent Bloomberg report.

America’s super rich held 27 percent of national wealth as of June, a figure for the first time higher than that of the US middle class, or the middle 60 percent of households regarding income distribution by economists’ definition, which saw their combined assets drop to 26.6 percent of national wealth, Bloomberg cited Federal Reserve data as saying.

“The data offer a window into the slow-motion erosion in the financial security of mid-tier earners that has fueled voters’ discontent in recent years,” Bloomberg said in the article published on Saturday.

The erosion of the US middle class’ wealth has continued through the COVID-19 pandemic, despite trillions of US dollars in government relief, the report said.

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