Is the game rigged? › Why the rich keep getting richer
Why do the rich keep getting richer?
Past a certain point, money makes money faster than people can earn it. Here's the same yardstick on who owns the country, and why it speeds up at the top.
The top 1%'s share of all U.S. wealth, climbing
Percent of the nation's net worth held by the top 1%, 1989 to today.
% of all household wealth
23%
1989
25%
2000
28%
2010
31%
2020
32%
2025
…and the middle class's share fell by almost exactly as much
The middle class's share of all U.S. wealth, falling
Percent held by the middle 40% (the 50th–90th percentile). The bottom half has never held more than ~4%.
% of all household wealth
36%
1989
34%
2000
32%
2010
29%
2020
28%
2025
The top 1% gained roughly 9 points of the nation's wealth since 1989, almost exactly what the middle class lost. The bottom 50% stayed stuck at 2–4% the whole time: never enough to matter.
Why it speeds up the higher you go
The more you make, the more you can save
Bottom fifth of earners—
Middle fifth~6%
Top fifth15–25%
Top 5%25–40%
And the rich earn a higher rate, not just more
Higher %
Enough wealth unlocks private equity, venture capital, and hedge funds, higher-return assets ordinary savers can't reach. Tax-record studies confirm the wealthy earn higher percentage returns, year after year.
When markets crash, only the top bounces back
Months vs years
After the 2020 crash, the invested top 1% recovered within months; the bottom half (who lost jobs and burned savings) took years. Downturns are when concentration speeds up.
And the biggest fortunes barely get taxed
“Buy, borrow, die”
The very wealthy borrow against their assets instead of selling (no capital-gains tax), then heirs inherit at a reset “stepped-up” value, so fortunes can compound across generations almost untaxed.
At the very top, it's accelerating
$13T → $15T
Global billionaire wealth grew about $2 trillion in a single year (2023–24), and the rate of accumulation has roughly tripled. 204 new billionaires were minted in one year.
What the Numbers Are Saying
- ›The top 1% gained ~9 points of the nation's wealth since 1989, almost exactly what the middle class lost.
- ›Past about the top 1%, wealth accelerates: higher savings rates, higher returns, and special tax treatment all stack up.
- ›The bottom half has never held more than ~4%; they were never really in the game.
- ›Crashes make it worse: the invested recover fast, everyone else doesn't.
Past a certain point, money makes money faster than anyone can earn it. That's not a glitch. It's how the system is built.
A deep-dive under Power. Fed DFA shares are approximate quarterly figures; the idea that money already saved grows faster than wages comes from economist Thomas Piketty, presented as a framework. Tap any source to open it.