The wealthiest households reaped most of the gains. The top 1 percent of households have soared while most Americans have been working harder to stay in place, if they have not fallen further behind. Since the 1970s, the top 1 percent of households have doubled their share of the national wealth at the expense of everyone else. Using data from the Federal Reserve Survey of Consumer Finances, economist Edward Wolff of New York University says that the top 1 percent had 40 percent of the nation's household wealth as of 1997. The top 1 percent of households have more wealth than the entire bottom 95 percent.
Financial wealth is even more concentrated.
2 Wealth is further concentrated at the top of the top 1 percent. Between 1983 and 1995, the inflation-adjusted net worth of the top 1 percent swelled by 17 percent. The bottom 40 percent of households lost an astounding 80 percent. The middle fifth of Americans lost over 11 percent. Only the top 5 percent gained any net worth in this period.