The bottom 50% of households in the U.S. own only $4.27 trillion of the nation’s $174 trillion in available wealth. By contrast, the top 0.1% own $25.07 trillion, and the top 99 to 99.9% own a little under $30 trillion, according to Federal Reserve data.With AI now supercharging the stock market, and richer families already owning the majority of those assets, that divide is only likely to widen.Jamie Dimon, CEO of JPMorgan Chase, is well aware of this phenomenon. In fact, the man worth more than $3 billion according to Forbes says he understands why people are “anti-rich.” Speaking to Axios, Dimon said the “anti-rich thing has been around for a long time.”
In his role as CEO of the largest bank in the U.S., Dimon rubs shoulders with some of the wealthiest people on the planet. But he also works for the bank’s customers who have more standard levels of income.
The resurgence in popular resentment of inequality has happened because “we have, in fact, left the lower-income folks behind,” Dimon said. The Wall Street veteran, who has the ear of everyone from world leaders to central bankers to the markets, said he often reminds well-off people that they don’t have to worry about the schools their children attend, and they don’t live in “crime-ridden neighborhoods.”
