Apparently, there is something fundamentally wrong with the economic system the countries of the global north have adopted:
Top 0.00001% in 1913 = Rockfeller, Frick, Carnegie, Baker = 0.85% of total US wealth of the time according to contemporary estimates
Top 0.00001% today = Bezos, Gates, Zuckerberg, … = 1.35% of total US wealth according to real-time Forbes data
This lines up very well with other estimates of wealth concentration based on different sources
E.g., the top 0.01% (= 18,000 families today) wealth share we estimate with E. Saez:
9% in 1913
Down to 2% in the late 1970s
More than 10% today
18 families have 1.4% of all wealth. And they pay a lower tax rate than anyone.
Looking more broadly…
The top 1% now own 32% of America’s net wealth.