The wealth gap is widening in the U.S. as many Americans report growing concerns about the cost of everyday necessities.
The top 1 percent in the U.S. grew their wealth by about $5 trillion last year and now collectively have about $55 trillion, which amounts to nearly the entire wealth of the bottom 90 percent, according to Federal Reserve data released in January.
Now, the U.S. is home to an estimated 989 billionaires, which is a new record, Forbes reported earlier this month.
Several people who spoke to NBC News for its new series “Unaffordable America” detailed how they’re grappling with the rising cost of food, rent and other necessities amid this growing wealth gap.
Melinda, a Virginia resident, told the outlet that “necessities are a struggle” and “the cost to do anything has increased.” Lilley, a Maryland resident, reportedly said the money she managed to save in previous years “is now depleted due to the rising cost of food and utilities.”
Dan, a Washington resident, also told NBC News: “More taxes, higher prices, holding two jobs and just getting by. Groceries and gas are ridiculously expensive.”
Recent polls have also revealed growing anxiety about the U.S. economy.
A January survey by The Harris Poll, conducted on behalf of the American Institute of CPAs, revealed that 50 percent of respondents who said they set financial goals for 2026 are concerned that the rising cost of living could stop them from reaching those goals.
“Americans are determined to take control of their finances in 2026, but the reality of rising costs means planning and flexibility are more important than ever,” Pamela Ladd, the institute’s senior manager of personal financial planning, said in a statement.
A New York Times/Siena poll from January revealed that 65 percent of U.S. voters believe a middle-class lifestyle is “out of reach for most people.” About 77 percent of voters also said such a lifestyle is harder to obtain now than it was a generation ago.
Even some of the world’s richest people are sounding the alarm on the growing wealth gap.
Nearly 400 millionaires and billionaires signed an open letter in January demanding higher taxes on the ultra-wealthy ahead of the World Economic Forum in Switzerland. The group included actor Mark Ruffalo, musician Brian Eno and two members of the Disney family.
“When even millionaires, like us, recognize that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice,” the letter reads.
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