The Daily Money: America's 1% got richer over past 3 decades

The top 1% holds $38.7 trillion in wealth. That's more than the combined wealth of America's middle class by income.

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Wed Dec 6 2023 Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal Happy Hump Day, The Daily Money readers! This is Swapna Venugopal Ramaswamy bringing you today's top headlines. Thirty years ago, America's celebrated middle class commanded twice as much wealth as the upper 1%. Over the years, the rich have grown steadily richer. The top 1% caught and passed the middle class in collective wealth in late 2020, Fed data show. The top 1% of American earners now control more wealth than the nation's entire middle class. "The number of deca-millionaires has more than doubled since 2000, and the number of centi-millionaires  has quadrupled," said Owen Zidar, a Princeton University economist, referring to people worth more than $10 million and $100 million, respectively. Millionaire's Club Michigan Lottery Between 1979 and 2021, the wages of Americans in the top 1% grew by 206%, after adjusting for inflation, according to an analysis by the nonprofit Economic Policy Institute. In the same years, wages for the bottom 90% grew by only 29%. 📰 More stories you shouldn't miss 📰 A simpler FAFSA's coming. But it won't necessarily make getting money easier. Here's why. A simpler FAFSA's coming. But it won't necessarily make getting money easier. Here's why. Kids used sharp knives, power equipment: California poultry plant to pay $3.5M fine Give delivery drivers the gift of free pizza with new Pizza Hut reverse delivery doormat Best way to park: Is it better to pull or back into parking spot? Children used sharp knives, power equipment at fined California plant A California poultry processor is accused of violating child labor laws by putting teens to work with sharp knives according to the Dept. of Labor. READ MORE Advertisement Soda for a dog? Jones releases drink for canines (and 'adventurous' owners) The Jones Soda Company announced Tuesday they are expanding into the pet category with the launch of Jones Craft Dog Soda. READ MORE Give a delivery driver a free gift card with Pizza Hut's new doormat Starting Wednesday, Dec. 6, Pizza Hut customers can order a Reverse Delivery mat and gift any delivery drivers with a free $25 gift card. READ MORE Massachusetts woman who won $25 million lottery game previously won $1M Desiree Fortini-Craft won the $25 million grand prize in the Massachusetts State Lottery's $50 Billion Dollar Extravaganza game. She also won big in 2006. READ MORE Mega Millions continues to rise; Jackpot now over $395 million Did you play the Mega Millions last night? See winning numbers for the $395 million jackpot. READ MORE Iowa man wins $300,000 in 2nd scratch-off lottery win on same day Gregory Monahan of Mason City felt so lucky after winning a $40 scratch-off game that he played the same game later in the day. He's now $300,000 richer. READ MORE 'Yellowstone' creator's ranch sues star Cole Hauser's coffee brand Cole Hauser's coffee company is being sued by the company of "Yellowstone" creator Taylor Sheridan for trademark infringement. READ MORE CVS to launch new payment model: What it means for prescription costs CVS is switching up the way it pays for prescriptions drugs and moving toward what it describes as a "more transparent" reimbursement model. READ MORE This company wants to pay you to create a Buddy the elf dish "Let your imagination run wild, whether it's spaghetti covered in candy or a concoction of your own," organizers wrote on the contest's webpage. READ MORE Flights at the price you set (if you're flexible on destination) Tools like Google Flights Explore and Explore Everywhere on Skyscanner can help you find new travel destinations for less. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback