Jamie Dimon says anger at the rich reflects families left behind
The JPMorgan Chase CEO told Axios that resentment over inequality is understandable as wealth remains concentrated among richer U.S. households.
By Sofia Marchetti · World Affairs Correspondent
3 min read
Jamie Dimon said public anger toward the rich reflects a real failure to improve life for lower-income Americans. The JPMorgan Chase chief executive told Axios that poorer families face weaker schools, unsafe neighborhoods and fewer job options while wealthy households continue to gain.
Dimon, who leads the largest bank in the United States, said the “anti-rich thing has been around for a long time,” according to Axios. He said resentment has grown because “we have, in fact, left the lower-income folks behind.”
Federal Reserve data show how concentrated U.S. wealth remains. The bottom half of U.S. households hold $4.27 trillion of the country’s $174 trillion in available wealth, while the richest 0.1% hold $25.07 trillion. Households in the 99th to 99.9th percentile hold just under $30 trillion, according to the Fed.
Dimon’s comments come as gains tied to artificial intelligence have helped lift the stock market, a trend that can benefit families that already own more financial assets. The Federal Reserve figures show those assets are disproportionately held by wealthier households.
Forbes estimates Dimon’s net worth at more than $3 billion. In the Axios interview, he said he often tells affluent people that they do not face the same worries as lower-income families, including concern over poor schools or living in neighborhoods with more crime.
Dimon described the strain on families in poor rural areas and inner cities, saying they can face worse schools, fewer jobs, more divorce and problems that become intergenerational. He said the country should acknowledge those conditions and work to fix them.
He also said living standards have risen since the 1960s and 1970s. A Federal Reserve study released last year found that the share of U.S. adults who said they were either doing okay financially or living comfortably rose from 62% to 73%.
Dimon said that broader progress does not erase frustration over the gap between wealthy households and those left behind. He told Axios that an average citizen could reasonably be irritated by seeing rich people become far wealthier while other communities struggle.
Policy and politics
Dimon said the anger felt by families dealing with weak schools, lost trades and scarce jobs is real. He said the focus should be on fixing the problems rather than dwelling on past failures.
He argued that improving conditions for poorer households would require support across party lines and from unions. Dimon also said the United States needs better public policy, adding that good policy does not have to increase deficits.
Axios also asked Dimon about the possibility that a 2028 presidential candidate could run as either anti-rich or anti-AI. Dimon said that was possible but unlikely, and he again rejected the idea of running for president himself.
On artificial intelligence, Dimon said he expects more politicians to argue that AI should be controlled and made to work for society. He said a campaign that is only anti-AI would probably fail.
This story draws on original reporting from Fortune.