Is it true 1% of Americans Control a Third of the Wealth?

Protests Chicago

From How Stuff Works!

According to an analysis of Federal Reserve data by the Economic Policy Institute, the wealthiest 1 percent of Americans control 35.6 percent of the total wealth of the country — more than a third. Even more incredible is that the richest 10 percent of Americans control 75 percent of the wealth, leaving only 25 percent to the other 90 percent of Americans.

Interestingly, the wealth gap in the U.S. is nothing new. According to the Economic Policy Institute, the wealth gap has increased by a mere 2.2 percentage points since 1962. The rich, apparently, have always been a lot richer. What’s more alarming is that income levels have grown at increasingly uneven rates in recent decades. According to a 2011 report by the Congressional Budget Office, the income for the top 1 percent of earners grew by 275 percent from 1979 to 2007, while the income for middle-class Americans (the 21st through 80th percentile) grew by less than 40 percent