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You’d be in the top 1 percent of U.S. households if your income in 2010 was at least $516,633; your net worth in 2007 was
$8,232,000 or more, and your average income this year is $1,530,773. Where did the top 1 percent make its money? [Take a look at the following charts for the answers.] Words: 1048
So asks Suzy Khimm (www.washingtonpost.com/blogs/) in excerpts from one article* with charts from another article** by Dave Jones (http://motherjones.com).
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited ([ ]), abridged (…) and reformatted both articles below for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
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The article goes on to say, in part:
What They Do
The first chart takes a look at the occupations of the top 1 percent of incomes in 2005, as calculated in a paper by Jon Bakija, Adam Cole and Bradley T. Heim. What’s notable is that there are more non-financial-sector business xecutives and medical professionals in the top 1 percent of households than people who actually work in finance — the sector that’s been the most explicit target of the Occupy Wall Street protests. In other words, it’s a more complex and heterogeneous group than the image of the 1 percent that’s been popularized by the 99 percenters. [Take a look.]
When you look at the very richest Americans — the top 0.1 percent of households by income — then business executives and financial professions do take the lion’s share, and they’ve been pulling away from the rest much faster. The paper’s authors write:
We find that executives, managers, supervisors, and financial professionals account for about 60 percent of the top 0.1 percent of income earners in recent years, and can account for 70 percent of the increase in the share of national income going to the top 0.1 percent of the income distribution between 1979 and 2005.
What They Own
The vast majority of the wealth held by the top 1 percent doesn’t come from income, but from stocks, securities, business equity and other investments. Edward Wolff, an economist at Bard College, examined the proportion of assets held by the top 1 percent in 2007, those whose minimum net worth was $8,232,000 or more, and provided the chart below.
What They Make
[Jones adds in his article that] you can’t beat this chart for the most dramatic measure of just how wide the gap between the tippy-top and the 99 percent has become. While incomes for the superrich have skyrocketed [$1,530,733 in 2010 vs. $1,137,684 in 2008] in the past three decades, most Americans’ have flatlined.
*http://www.washingtonpost.com/blogs/ezra-klein/post/how-the-top-1-percent-made-its-money-in-two-charts/2011/10/11/gIQAXL4acL_blog.html
**http://motherjones.com/mojo/2011/10/one-percent-income-inequality-OWS?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Motherjones%2Fmojoblog+%28MotherJones.com+|+MoJoBlog%29
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