In the first quarter of 2024, almost two-thirds percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Income inequality in the U.S. Despite the idea that the United States is a country where hard work and pulling yourself up by your bootstraps will inevitably lead to success, this is often not the case. In 2023, 7.4 percent of U.S. households had an annual income under 15,000 U.S. dollars. With such a small percentage of people in the United States owning such a vast majority of the country’s wealth, the gap between the rich and poor in America remains stark. The top one percent The United States follows closely behind China as the country with the most billionaires in the world. Elon Musk alone held around 219 billion U.S. dollars in 2022. Over the past 50 years, the CEO-to-worker compensation ratio has exploded, causing the gap between rich and poor to grow, with some economists theorizing that this gap is the largest it has been since right before the Great Depression.

In the U.S., the share of the population living in poverty fluctuated significantly throughout the six decades between 1987 and 2023. In 2023, the poverty level across all races and ethnicities was 11.1 percent. Black Americans have been the ethnic group with the highest share of their population living in poverty almost every year since 1974. In 1979 alone, Black poverty was well over double the national average, and over four times the poverty rate in white communities; in 1982, almost 48 percent of the Black population lived in poverty. Although poverty rates have been trending downward across all ethnic groups, 17.8 percent of Black Americans and 18.9 percent of American Indian and Alaskan Natives still lived below the poverty line in 2022.