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A man wearing a face mask walks through Times Square in New York, the United States, Oct. 2, 2021. (Photo by Michael Nagle / Xinhua)

A man wearing a face mask walks through Times Square in New York, the United States, Oct. 2, 2021. (Photo by Michael Nagle / Xinhua)

According to a recent Bloomberg report, the richest 1% of America’s earners now own a larger share of America’s wealth than the nation’s entire middle class.

The super rich Americans held 27% of the national wealth in June, a figure for the first time higher than that of the American middle class, or the average 60% of households in terms of income distribution as defined by economists, who saw their combined assets drop to 26.6% of national wealth, according to Bloomberg, citing Federal Reserve data.

“The data provides a window into the slow-moving erosion of financial security among middle-level workers that has fueled voter discontent in recent years,” Bloomberg said in the article published on Saturday.

The erosion of the wealth of America’s middle class continued throughout the COVID-19 pandemic, despite trillions of dollars in government assistance, according to the report.

Source (s): Xinhua News Agency

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