Billionaire investor pens a piece for Time magazine explaining what’s wrong with America’s economic system.
The U.S. has one of the highest levels of income inequality in the world. Warren Buffett can tell you that.
The wealth of the top 400 richest Americans has increased 29-fold since 1982, from $93 billion to $2.7 trillion, according to the Forbes 400. Meanwhile, the wealth of "many millions of hardworking citizens remained stuck on an economic treadmill,” Buffett says.
The billionaire investor and chairman of Berkshire Hathaway BRK.A, +0.34% wrote an opinion piece in Time magazine explaining what’s wrong with America’s economic system.
“During this period, the tsunami of wealth didn’t trickle down,” he wrote. “It surged upward.”
The richest 0.1% of Americans own as much as the entire bottom 90%, and the wealthiest 10% own nearly 90% of stocks, according to data from DB Global Markets Research and the World Wealth and Income Database.
“The market system, however, has also left many people hopelessly behind, particularly as it has become ever more specialized,” Buffett wrote in the Time magazine piece, noting how technology has made some people enormously wealthy, while putting others out of jobs.