I cannot read the article except for the Piketty/Saez/Zucman paragraph. And to be fair, the situation in the US is typically better than in many other countries. So, not trying to argue, especially since I don’t have a link for the article I’m thinking of (or might be a textbook).
Depends whether you consider household or individual income, labor income, full net worth or not, whole world or the US only, how you define “self made” (an important myth to the 20th c American Dream that has come to encompass a lot of meanings), Bloomberg’s article and I could both be right.
Typically, Zucman, Saez, and Piketty argue that wealth concentration has been increasing in the US since the 1980s, which would seem to go counter to the idea most 1%/0.5%/0.1% are sui generis.
While “the 1%” have become a target after Occupy Wall Street, I remember that the fastest concentration and the greatest change has been for the 0.5% and 0.1%.
– I cannot read the rest of the Bloomberg article so I don’t know how they define their categories, what they argue, or what sort of data they use.
AFAIK, wealth concentration doesn’t mean people don’t work at all, but rather that they earn most of their wealth from capital rather than from labor (which is entirely logical) and due to multiplying effects grow their wealth much faster than other groups, clinching a larger share of wealth and then distributing/donating it to their family/relatives/circle. That’s why there’s been a movement among US billionaires to donate part of their wealth to causes they care about, as a way to “give back” or use their money for the common good. I may be wrong since I don’t have an article I can quote and am just using my memory.
This article is pretty typical, I believe, of the “heterodox group”:
I forget the link between the top 1%/0.5%/0.1%/ and test optional schools.
But, we could look at whether socio economic, regional, or ethnic diversity changed this cycle at WashU, Trinity CT, Colorado College, Washington&Lee, Colgate, Colby, Middlebury, Georgetown, Penn, BC, NYU, SMU, UMiami, and Wake (colleges that concentrate the largest percentage of children of 1%ers) in addition to the usual “Top schools”.