According to Forbes magazine, growth in the net worth of the wealthiest Americans “far outpaced” the rest of the economy over the past year.
(Reuters) – The net worth of the richest Americans grew by 13 percent in the past year to $1.7 trillion, Forbes magazine said on Wednesday, and a familiar cast populated the top of the annual list, including Bill Gates, Warren Buffett, Larry Ellison and the Koch brothers. […]
“The gap between the very rich and merely rich increased and helped drive up the average net worth of The Forbes 400 members to an all-time record $4.2 billion,” said Forbes Senior Wealth Editor Luisa Kroll.
Collectively, this group’s net worth is the equivalent of one-eighth of the entire U.S. economy, which stood at $13.56 trillion in real terms according to the latest government data. But the 13 percent growth in the wealth of the richest Americans far outpaced that of the economy overall, helping widen the chasm between rich and poor.
Forbes attributed the growth in net worth in part to the performance of the stock market and a recovering real estate market.
I suppose Fox News is right. There is redistribution happening in this country, but isn’t going to the bottom. Some of those who the money is going too probably are members of the 47 percent who pay no federal income taxes, however.