The wealth gap is widening in the United States, but it’s not just the middle class and poor that are struggling. It turns out the rich are having a hard time keeping up with the changing luxury landscape, and the super-rich are to blame.
Of course, the rich aren’t exactly struggling in today’s economy. However, the rate at which profits have recovered for the upper echelons of the wealthy since the 2008 financial crisis has been extraordinary, especially compared to the buying power of those below them.
According to a New York Times report, wealth accumulation for the top one-hundredth of the one percent (defined as billionaires and nine-figure millionaires) is growing significantly faster than it is for the rich, or your “average” millionaire.