Came across this interesting article published by William Domhoff Link1
based on research published by Edward Wolff of New York University Link2 -seems that the top 1 % are having a great time measured by both income and wealth. The mean household income for the top 1% is $1,318,200 for the bottom 40% it is $17,300. Meanwhile in terms of wealth the top 1% have mean household wealth of $16,439,400 while the bottom 40% have negative net worth of -$10,600. To me this is nuts, so few having so much while so many have so little does not help society. The control of assets and wealth by so few means we are in danger of creating societies where the "rentier" class end up spending most of their time and effort protecting their income wealth from the vast majority of society, that actually create the income and wealth. It seems to me that at some point the vast majority are going to rebel against the system and elect governments that focus on income and wealth redistribution.
Table Income, net worth, and financial worth in the U.S. by percentile, in 2010 dollars
based on research published by Edward Wolff of New York University Link2 -seems that the top 1 % are having a great time measured by both income and wealth. The mean household income for the top 1% is $1,318,200 for the bottom 40% it is $17,300. Meanwhile in terms of wealth the top 1% have mean household wealth of $16,439,400 while the bottom 40% have negative net worth of -$10,600. To me this is nuts, so few having so much while so many have so little does not help society. The control of assets and wealth by so few means we are in danger of creating societies where the "rentier" class end up spending most of their time and effort protecting their income wealth from the vast majority of society, that actually create the income and wealth. It seems to me that at some point the vast majority are going to rebel against the system and elect governments that focus on income and wealth redistribution.
Table Income, net worth, and financial worth in the U.S. by percentile, in 2010 dollars
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