Top 0.1% Saw Their Share of US Wealth Increase Even as Rest of 10% Didn't (2024)

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Top 0.1% Saw Their Share of US Wealth Increase Even as Rest of 10% Didn't? ›

US households have added US$37 trillion in wealth in the past four years, but the distribution has become more concentrated among the very rich – the top 0.1 per cent. Those roughly 133,000 split about US$20 trillion in wealth between them as of the end of 2023, equating to some US$150 million per household.

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world's population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.

The best survey data show that the share of wealth held by the top 1 percent rose from 30 percent in 1989 to 39 percent in 2016, while the share held by the bottom 90 percent fell from 33 percent to 23 percent.

U.S. wealth distribution Q1 2024

In the first quarter of 2024, 67 percent of the total wealth in the United States was owned by the top 10 percent of earners.

In the highest echelon — the top 0.1% — the average income is $3.3 million. The rapid wage growth for these groups is noteworthy. In 2021, annual wages rose fastest for the top 1% (up 9.4%) and the top 0.1% (up 18.5%), while those in the bottom 90% saw a slight decrease in real earnings.

The data from the Economic Policy Institute (EPI) shows that annual wages for the top 1% in 2021 in the U.S. reached $819,324 on average. Those considered to be in the top 0.1% earned an average of $3,312,693 annually.

There is another level of financial elite within the 1% called ultra-high net work individuals, or UHNWI. In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.

Top 1% Income By Age

Top 1% income for ages 32-36: $210,000. Top 1% income for ages 37-41: $260,000. Top 1% income for ages 42-46: $320,000.

Upper-middle class: $269,100. Upper class: $805,400.

What salary is considered rich for a single person? ›

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage).

Americans say you need a net worth of at least $2.5 million to feel wealthy, according to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 75 in March 2024. That's up slightly from $2.2 million, compared with last year's survey results.

During the pandemic, the rich are sure to have increased their wealth, but as of 2021: In the US — home to the most ultra-high-net-worth individuals — the entry point for the exclusive 0.1% is $25.1 million in net wealth. However, the 0.1% threshold varies significantly across states in the country.

There are estimated to be a little over 8 million households in the US with a net worth of $3 million or more.

The most recent data from the Fed's Survey of Consumer Finances comes from the end of 2022. If you wanted to be in the top 5% of households at that point, you would need a net worth of $3,795,000. As you might expect, though, you don't need as much to reach the top 5% of younger households.

The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury​​.

But that's a pittance compared with the fortunes of the top 0.01 and 0.001 percent, with average annual incomes of $35.1 million and $152 million, respectively.