Are you rich? Some Americans are. They are billionaires and they own a lot. Get this: By the start of 2021, the richest 1 percent of Americans held 32 percent of the nation’s wealth, its highest level since these records began in 1989. Meantime, the bottom 50 percent held just 2 percent of the nation’s wealth. Here’s another lopsided stat: 54 percent of all stocks are owned by that 1 percent, and much of the rest by the next 9 percent. We receive this news from Karen Petrou, the managing partner of Federal Financial Analytics. Petrou notes that, despite the economic blow to our economy because of COVID-19, the rich are getting even richer. Since the start of 2020, the bottom 50 percent gained $700 billion in wealth. But in the same period, the richest 1 percent gained $10 trillion.
Now let’s look at that 1 percent. According to Forbes magazine, as of March the U.S. had 492 billionaires, the most of any country. It also had the most newcomers with 50, and women with 54. China had the second most billionaires with 152, while Russia was third with 111. Among the states, California is first with 124 billionaires, New York with 93 and Texas with 48. But let’s not call to defund the wealthy, rather we should follow the advice of Joseph P. Kennedy, father of John F. Kennedy, who said, “Don’t get mad, get even.” Change that to, “Don’t get mad, get equal.” If you are not one of the 48 fat cats in Texas, then listen up for I shall tell you how to join the club.