Wealth Concentration

Wealth concentration is the structural condition that the populist response is responding to. The top 1% share of US household wealth sits near 30% — roughly the level last reached during the first Gilded Age (1890s–1900s). The bottom 50% holds about 3%, where it has been stuck for most of the post-war era.

These are not abstract numbers. They are the underlying mechanism that produces the politics Thin Gold tracks: when asset prices grow faster than wages over a sustained period, the position of asset-holders improves relative to wage-earners regardless of any policy choice. The 2026 midterms are partly a referendum on whether the political system can name this dynamic, let alone respond to it.