Economy & Business

The Great Divergence

How Wealth Inequality Reached Gilded Age Levels — and Why It Matters

Emmanuel Saez

Economist at UC Berkeley, specializing in income and wealth inequality. He is the co-author of "The Triumph of Injustice" and a recipient of the John Bates Clark Medal.

March 19, 2026·7 min read

The Great Divergence

Wealth inequality in the United States has returned to levels not seen since the 1920s. The top 1% now owns more wealth than the bottom 90% combined. Understanding how this happened — and what it means for democracy, opportunity, and social cohesion — is one of the most important challenges of our time.

TOPICS

inequalityeconomicswealthdemocracytaxation

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