According to lecture, 75% of all wealth in the United States is owned by 10% of families, meaning that the other 90% of the population squabble over the last $0.25 out of every dollar of US wealth.

What share of all wealth is owned by the richest 20 percent of all U.S. families?A.49 percentB.99 percentC.89 percentD.29 percent

The richest 20 percent of U.S. families receive __________ of all income earned in the United States.A.roughly one-quarterB.nearly one-halfC.about three-fourthsD.slightly more than one-third

In terms of wealth, as the pie chart at the right in Figure 10–1 shows, global inequality is even greater. A rough estimate is that the richest 20 percent of the world’s adults own about 94 percent of the planet’s wealth. About half of all wealth is owned by about 1 percent of the world’s adult population. On the other extreme, the poorest half of the world’s adults own less than 1 percent of all global wealth. In terms of dollars, about half the world’s families have less than $2,500 in total wealth, far less than the median wealth for U.S. families, which is about $90,000 (Bricker et al., 2014; Shorrocks et al., 2018).Because the United States is among the world’s richest countries, even people in the United States with income well below the government’s poverty line live far better than the majority of people on the planet (Milanovic, 2011). The average person living in a rich nation such as the United States is extremely well off by world standards. Family wealth in the United States is four times greater than in China, fifty times greater than in India, and about 200 times greater than in the low-income nations of Africa (Shorrocks et al., 2018). All three of the world’s richest people—Jeff Bezos (Amazon CEO), Bill Gates (a Microsoft founder), and Warren Buffet (successful investor)—live in the United States, and each of these men is worth more than $85 billion, an amount that roughly equals the combined economic output of 97 of the world’s countries (World Bank, 2016; Forbes, 2019).

In the United States, most wealth is inherited, not self-created.Group of answer choicesTrueFalse

In the United States, wealth is more unevenly distributed than income.Group of answer choicesTrueFalse