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We are the 99% is a political slogan widely used and coined during the 2011 Occupy movement. The phrase directly refers to the income and wealth inequality in the United States, with a concentration of wealth among the top- earning 1%. It reflects an opinion that "the 99%" are paying the price for the mistakes of a tiny minority within the upper class.
According to the Economic Policy Institute, as of 2019, the average wage of the top 1% was $758,434. However, the 1% is not necessarily a reference to top 1% of wage earners, but a reference to the top 1% of individuals by net worth, whose earned wages are only a fraction of their total sources of wealth.
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