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March 1st, 2016

This article by William H. Domhoff was updated in 2013 using date from 2010 and earlier.  It is 32 pages, and in  my opinion, well worth  the effort to read.  Is Domhoff a liberal? at least, but the facts often have a leftward tilt.

Who Rules America: Wealth, Income, and Power

I find the data on "net financial worth" interesting,  This is wealth that is not tied up in a home, and other life necessities.  In 2010 the wealthiest 1% owned 42% of this wealth

Percent of population  Percent of financial  worth   Percent of net worth.

  Top                 1%                      42%                            35%
  Next                4                         30                               28
  Next                5                         13                               14
  Next              10                         11                               12
  Bottom          80                           5                               11

Notice that this table is NOT divided into quintiles,  The top quintile is in the first four columns; the bottom four quintiles is in the one bottom column.  The vast majority of Americans have no  idea how wealth or income are distributed; they believe that the distribution is  far more equal than it actually.  And since 2010 it has become even more unequal.
Economically, those just entering the top 1 percent have nothing in common with those in the top tenth of the top 1 percent. Someone at the entry point for the top 1 percent would need 29 years to make $10 million, and more than 2,900 years to make $1 billion.
Beyond the 1 percent

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bobby1933
bobby1933

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