In 2018 the net wealth of the top 0.1% of the population equals that of the bottom 90% combined.
Unresolvable The public record could not settle it.
Factual: Statements about the present or the past, checked against the record: did they hold up?
What would count as true or false
Test: the share of US household net wealth held by the top 0.1% compared with the share held by the bottom 90%, using estimates available around 2018 (for example Saez & Zucman or the Federal Reserve's Distributional Financial Accounts). True: leading estimates show the two shares within about 2 percentage points of each other. Mostly true: a prominent academic estimate (such as Saez-Zucman) shows them roughly equal, while another major source shows a moderate gap. Mostly false: the top 0.1% share is substantially smaller than the bottom 90% share in all major estimates, though it is large and rising. False: the shares are far apart in every major estimate (for example the top 0.1% holding under half of the bottom 90% share).
Set before the research began.
Evidence (2)
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E1 Board of Governors of the Federal Reserve System
“the top 0.1 percent, the remaining 0.9 percent of the top 1, the next 9 percent (i.e., 90th to 99th percentile), the next 40 percent (50th to 90th percentile), and the bottom half (below the 50th percentile).”
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E2 The Distributional Financial Accounts Accessible Data Board of Governors of the Federal Reserve System · 30 August 2019
“Figure 2: Household wealth shares by wealth percentile groups, 1989:Q3 to 2019:Q1 Percent of aggregate wealth | Quarter | Top 1% | Next 9% | Next 40% | Bottom 50% |”
Reasoning
E1 only defines the wealth groups in the Federal Reserve's Distributional Financial Accounts and gives no share values. E2 shows the headers of a wealth-share table but no figures, and it does not list the top 0.1% as its own group. Neither item shows what share of wealth the top 0.1% or the bottom 90% held around 2018, so the comparison the criteria call for cannot be made.
Cite this claim
Ray Dalio, “In 2018 the net wealth of the top 0.1% of the population equals that of the bottom 90% combined.” (said 11 November 2018). Verdict: unresolvable. Reliability API, claim c_d7e7d075bcf7, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_d7e7d075bcf7
This claim is in dataset release v1.1.2, with the same verdict.
Reply to this claim
More factual claims by Ray Dalio
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Mostly false
“That has been true through all history.”
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Mostly true
“So when we look at history, we see that in all such periods, all the fiat currencies go down, okay?”
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Mostly true
“It takes in about $5 trillion, so it spends 40% more than it takes in.”
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Mostly true
“you could still have financial problems, like the breakdown of the monetary system in 1971, okay?”
The monetary system broke down in 1971 while the United States was still a dominant power.
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Resolved true
“one-third of our debt is held by foreigners, so that’s a different thing.”
Verdicts are made automatically; how verdicts are made.