The Gary Null Blog

By Zaid Jilani, ThinkProgress
Posted on October 4, 2011, Printed on October 5, 2011
http://www.alternet.org/story/152601/5_facts_you_should_know_about_the_wealthiest_one_percent_of_americans

As the ongoing occupation of Wall Street by hundreds of protesters enters its third week — and as protests spread to other cities such as Boston and Los Angeles — demonstrators have endorsed a new slogan: “We are the 99 percent.” This slogan refers to an economic struggle between 99 percent of Americans and the richest 1 percent of Americans, who are increasingly accumulating a greater share of the national wealth to the detriment of the middle class.

It may shock you to learn exactly how wealthy this top 1 percent of Americans is. ThinkProgress has assembled five facts about this class of super-rich Americans:

1. The Top 1 Percent of Americans Owns 40 Percent of the Nation’s Wealth

 As Nobel Laureate Joseph Stiglitz points out, the richest 1 percent of Americans now own 40 percent of the nation’s wealth. Sociologist William Domhoff illustrates this wealth disparity using 2007 figures where the top 1 percent owned 42 percent of the country’s financial wealth (total net worth minus the value of one’s home). How much does the bottom 80 percent own? Only 7 percent.