Top 1% Hold 31.7% of U.S. Wealth as Krugman Warns of Oligarchy
Updated
Updated · Charleston City Paper · Aug 18
Top 1% Hold 31.7% of U.S. Wealth as Krugman Warns of Oligarchy
1 articles · Updated · Charleston City Paper · Aug 18
Summary
31.7% of U.S. wealth was held by the top 1% of households in the third quarter of 2025, the highest share since Federal Reserve records began in 1989, while the bottom 50% owned 2.5% in early 2024.
Paul Krugman argues that concentration has made the United States “strongly oligarchic,” tying billionaire power to Supreme Court rulings on campaign finance and to a long drop in corporate taxation.
Corporate tax rates fell from 35% in the 1960s to about 12% today, even as Gallup polling over two decades found nearly 70% of Americans think wealthy people pay too little.
Charleston County mirrors the national gap: in 2024, the top 20% earned about 20 times the bottom 20%, and Black family income stood at 46% of White family income.
The commentary says reversing the trend will require higher taxes on corporations and the wealthy, plus Supreme Court reform, framing inequality as a direct threat to democratic governance.