The 50 richest Americans now hold almost as much wealth as half of the US, as Covid-19 transforms the economy in ways that have disproportionately rewarded a small class of billionaires.
New data from the US Federal Reserve, a comprehensive look at US wealth through the first half of 2020, show stark disparities by race, age and class. While the top 1 per cent of Americans have a combined net worth of $34.2 trillion, the poorest 50 per cent – about 165 million people – hold just $2.08tn, or 1.9 per cent of all household wealth.
The 50 richest people in the country, meanwhile, are worth almost $2tn, according to the Bloomberg Billionaires Index, up $339 billion from the beginning of 2020.
Covid-19 has exacerbated inequality in the US, with job losses falling heavily on low-wage service workers and the virus disproportionately infecting and killing people of colour. Meanwhile, many upper-middle class professionals are working from home, watching their retirement accounts rise in value after the US Treasury and Fed pumped stimulus into the economy and markets.
Another key reason for the wealth disparity is that the vast majority of Americans aren’t benefiting from rising stock prices. The bottom 90 per cent’s exposure to the stock market has been dropping for almost two decades. Since peaking at 21.4 per cent in 2002, upper middle class Americans have seen a 10 percentage point decline in their equity interest in companies. A similar pattern is seen among the bottom half.
The wealthiest 1 per cent own more than 50 per cent of the equity in corporations and in mutual fund shares, the Fed data show. The next 9 per cent of the wealthiest own more than a third of equity positions – meaning that the top 10 per cent of Americans hold more than 88 per cent of shares.
The Fed data also show that millennials, born between 1981 and 1996, control just 4.6 per cent of US wealth even though they are the largest in the workforce with 72 million members. And the share of the pie held by black Americans is the same size it was 30 years ago.
Like the country as a whole, young Americans’ wealth is concentrated in just a few hands. Three millennials – Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, along with Walmart heir Lukas Walton – personally control one out of every $40 held by their generational cohort.
The pandemic is further widening divides in wealth and economic mobility
“The pandemic is further widening divides in wealth and economic mobility,” Fed chair Jerome Powell said, warning that the country’s recovery will weaken without more government aid. “A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy.”
Those whose fortunes are tied to tech companies – which profited from the shift of work, shopping, entertainment and socialising online – have been among the biggest beneficiaries of the Covid-19 economy. Leading the way is Amazon.com founder Jeff Bezos. His fortune, the world’s biggest, has jumped 64 per cent in 2020 to $188.5bn.
White Americans hold 83.9 per cent of the nation’s wealth, compared with 4.1 per cent for black households, the data show. While white Americans’ share of the total has dropped somewhat as the nation becomes more diverse, black people hold the same percentage as in 1990.
Of the 25 richest Americans, only one is not white – Eric Yuan, the chief executive of Zoom Video Communications, whose fortune has risen almost seven-fold this year to $24.2bn.
Baby Boomers hold the majority of US wealth, with $59.6tn, twice that of Generation X’s $28.5tn and more than 10 times millennials’ $5.2tn.
The Fed data show that Gen X, those born between 1965 and 1980, has made some progress building wealth in recent years, doubling their collective net worth since mid-2016.
It’s not unusual for younger age groups to be significantly poorer than their elders. Even so, millennials remain far behind where previous generations were at the same age. In 1989, when the median Baby Boomer was 34, the generation controlled more than 21 per cent of US wealth. To match that, millennials, with a median age of 32 now, will need to quadruple their wealth share over the next couple of years.
Young and lower-income workers got a glimmer of hope in recent years as median wages started to rise faster than inflation. But this year, a spike in unemployment threatens to derail this progress, returning the US to the trend of the past few decades, when wealth has flowed steadily to the top.
The Fed estimates the top 10 per cent of US households hold 69 per cent of the country’s wealth, or $77.3tn, up from 60.9 per cent share at the end of the 1980s. The very richest Americans are almost entirely responsible for that gain. The top 1 per cent held 30.5 per cent of US wealth in June, up from 23.7 per cent in late 1989. The bottom half’s share, meanwhile, has fallen from 3.6 per cent to 1.9 per cent.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
MORE ON TURKEY'S SYRIA OFFENCE
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Schedule
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
Killing of Qassem Suleimani
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
