Image by Morgan Housel.

The ability of the wealthy to accumulate more wealth has its ups and downs. However, as shown by the Federal Reserve Board’s (the Fed) Distribution of Household Wealth in the U.S. since 1989, the overall trend has been one in which the wealthiest .1% have succeeded at growing their share of the nation’s wealth. According to the Fed figures, by the end of the Biden presidency, the .1%’s share of the nation’s wealth reached 13.8%, increasing by over 60% from 8.6% in the third quarter of 1989 when daddy Bush was in power which is when the Fed figures cited start.

In fact, under each president since 1989, at some point during their term, the share of the nation’s wealth held by the wealthiest .1% reached new heights. Setbacks would follow, but in later years, a new all-time high would be reached. For example, during Junior Bush’s presidency, the Great Recession resulted in a large drop in the .1%’s share of the nation’s wealth. Despite the drop, at the end of Bush’s regime, their share was higher than it was at the end of Clinton’s time in office. During Obama’s and Trump’s presidencies, the share of the .1% became even larger. Biden’s tenure ended with their share reaching its highest point yet.

Many have difficulties protecting the current value of their assets and preventing them from being eroded by inflation. What is “impressive” is that not only have the wealthy .1% been successful at increasing their share of the nation’s wealth, but its total has far outstripped inflation, increasing in nominal dollars more than 121/2 times from 1989 to the end of 2024 from $1.75 trillion to $22.14 trillion while the total nominal wealth of the nation as a whole grew less than 8 times from $20.43 trillion to $160.35 trillion. During this........

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