There are currently 134.8 million households in the US.
Just ~1.4 million of these households, or 1%, now control a record 32.5% of US household wealth.
Never in US history has there been a wealth divide even remotely close to what we are seeing now.
The middle class is gone.
According to Fed data, the top 1% of Americans now control ONE-THIRD of all US net worth.
Since 2020, the top 1% have gained +$30 TRILLION in net worth, while the bottom 50% are worth just $4.3 trillion.
What is happening? Let us explain.
(a thread)