Diamond and pearl tiara, belonged to Princess Shivakiar, the first wife
of King Fuad I of Egypt (1876-1947), encrusted with 1506 diamonds,
mounted in platinum. It was originally commissioned from a Paris jeweler
by the King.
Proverbs 30:7-9 (HCSB) Two things I ask of You; don’t deny them to me before I die: Keep falsehood and deceitful words far from me. Give me neither poverty nor wealth; feed me with the food I need. Otherwise, I might have too much and deny You, saying, “Who is the Lord?” or I might have nothing and steal, profaning the name of my God.
A new Congressional Budget Office report examining trends in family wealth confirms what most Americans know from experience: the poor are buried in debt, the middle class is stuck, and—shocker—the most wealthy are piling up all the green.
The report, released late last week, puts its findings simply: “the distribution [of wealth] among the nation’s families was more unequal in 2013 than it had been in 1989.” It lays out some stark figures: Families in the top 10 percent of wealth distribution now hold more than three-quarters of the nation’s total family wealth. Those failing within the 51st to 90th percentiles owned less than a quarter of it. Meanwhile, the bottom 50 percent own just one percent of the total share.
Putting it into dollars, the CBO notes that the average wealth of the top 10 percent of families was $4 million compared to $36,000 for those in the 26th to 50th percentiles. The wealth of families in the bottom 25 percent was in the red, due to an average of about $13,000 in debt, up from around $1,000 in debt prior to the Great Recession. (CBO defines wealth as a family’s assets—including business and home equities, other real estate holdings, financial securities, bank deposits, and pension accounts—minus its debts.)
Even though Americans at all levels took a hit during the recession, the top 10 percent has seen its losses return at a much faster rate than everyone else.