half of American households. The Urban-Brookings Tax Policy Center found that the bottom 20 percent of earners pay an average 2.9 percent effective income tax rate federally, while the richest 1 percent paid an effective 29.6 percent tax rate and the top 0.01 percent paid an effective 30.6 percent tax rate. In 2019, the Institute on Taxation and Economic Policy found that when state and federal taxes are taken into account, however, the poorest 20 percent pay an effective 20.2 percent rate while the top 1 percent pay an effective 33.7 percent rate. Using Federal Reserve data, the Washington Center for Equitable Growth reported in August 2019 that: "Looking at the cumulative growth of wealth disaggregated by group, we see that the bottom 50 percent of wealth owners experienced no net wealth growth since 1989. At the other end of the spectrum, the top 1 percent have seen their wealth grow by almost 300 percent since 1989. Although cumulative wealth growth was relatively similar among all wealth groups through the 1990s, the top 1 percent and bottom 50 percent diverged around 2000." According to an analysis of Survey of Consumer Finances data from 2019 by the People's Policy Project, 79% of the country's wealth is owned by millionaires and billionaires. Also in 2019, PolitiFact reported that three people (less than the 400 reported in 2011) had more wealth than the bottom half of all Americans. During the COVID-19 pandemic, the wealth held by billionaires in the U.S. increased by 70%. According to the 2022 World Inequality Report, "2020 marked the steepest increase in global billionaires’ share of wealth on record." Early 20th century Simon Kuznets, using income tax records and his own research-based estimates, showed a reduction of about 10% in the movement of national income toward the top 10% of wealth-owners, a reduction from about 45–50% in 1913 to about 30–35% in 1948. This period spans both The Great Depression and World War II, events with significant economic consequences. This is called the Great Compression. 1989 to 2020 Effect of stock market gains The Federal Reserve publishes information on the distribution of household assets, debt, and equity (net worth) by quarter going back to 1989. The tables below summarize the net worth data, in real terms (adjusted for inflation), for 1989 to 2020, and 2016 to 2020. Journalist Matthew Yglesias explained in June 2019 how the ownership of stock