Kevin Hall Reports
In 2004, the richest 1 percent of households – 719,910 of them, with an average annual income of $326,720 – had 19.8 percent of the entire nation’s pretax income. That’s up from 17.8 percent a year earlier, according to a study by University of California-Berkeley economist Emmanuel Saez.
The study, titled “The Evolution of Top Incomes,” also found that the richest one-tenth of 1 percent of Americans – 129,584 households in 2004 – reported income equal to 9.5 percent of national pretax income.
However, median, or midpoint, family income rose only 1.6 percent between 2001 and 2004, when adjusted for inflation, according to the Federal Reserve. Median family real net worth – a family’s gross assets minus liabilities – rose only 1.5 percent during those four years.
Is anyone really surprised by this? You can read the rest of the article here:
The Rich Are Getting Much Richer, Much Faster Than Everyone Else
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