I agree with you that income inequality is a big problem, and it is a major cause of social discord, but to be fair, quality of life increased significantly across all percentiles since then.
e.g. which society is better to live in:
(low inequality, less wealth)
10th percentile average wealth: 100
99th percentile average wealth: 1000
(high inequality, more wealth)
10th percentile average wealth: 1000
99th percentile average wealth: 1000000
Of course this is an oversimplification, but you get the idea: income inequality is not the only important factor.
e.g. which society is better to live in:
Of course this is an oversimplification, but you get the idea: income inequality is not the only important factor.