"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 the belief that "the 99%" are paying the price for the mistakes of a tiny minority within the upper class.
"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.[1]