The 9.9 Percent Is the New American Aristocracy

Inequality in the United States has risen sharply. Since the mid-1980s, the wealth share of the top 0.1% rose by 12 percentage points, while that of the bottom 90% fell by the same amount. The wealth share of the 9.9% in between, however, has remained stable. The 9.9% have come to form a distinct new class with a strong resemblance to an aristocracy founded on wealth and birth. By definition, the 9.9% have a minimum net worth of $1.2 million. They are mostly white, hold advanced degrees, and for the most part earn their living in the financial, managerial, legal or medical sectors. Although members of the 9.9% still perceive themselves...