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Unequally Shared Wealth - 8/31/16

Recently released data presented in a report from the Congressional Budget Office indicate that U.S. family wealth totaled sixty seven trillion dollars in twenty thirteen.  The report also indicates what we all know – that that wealth is shared rather unequally. 

The report indicates that the top ten percent of families, those who had at least nine hundred and forty two thousand dollars in wealth, held seventy six percent of all wealth.  The average amount of wealth in this group was four million dollars.  As reported by CNNMoney, everyone else in the top fifty percent of the nation accounted for twenty three percent of total wealth, with an average of a bit more than three hundred thousand dollars per family. 

That means that the entire bottom half of the nation’s population controls just one percent of the wealth.  The average held by families in the twenty sixth to fiftieth percentiles was thirty six thousand dollars.  Those in the bottom twenty five percent effectively had zero wealth.  In fact, they were thirteen thousand dollars in debt on average. 

Families run by adults with college degrees had a median wealth of two hundred thousand dollars, or nearly four times that of families headed by someone who ended their formal education with a high school diploma.   

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.