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The Great Recession also caused a drop of 36% in median household wealth, but a drop of only 11% for the top 1%, further widening the gap between the top 1% and the bottom 99%. [ 16 ] [ 15 ] [ 17 ] According to PolitiFact and other sources, in 2011, the 400 wealthiest Americans had more wealth than half of all Americans combined.
A December 2011 Gallup poll found a decline in the number of Americans who rated reducing the gap in income and wealth between the rich and the poor as extremely or very important (21 percent of Republicans, 43 percent of independents, and 72 percent of Democrats). [191] Only 45% see the gap as in need of fixing, while 52% do not.
Piketty and Saez (2014) note that there are important differences between income and wealth inequality dynamics. First, wealth concentration is always much higher than income concentration. The top 10 percent of wealth share typically falls in the 60 to 90 percent range of all wealth, whereas the top 10 percent income share is in the 30 to 50 ...
Wealth Gaps Part of the systemic issues that can keep some people in poverty or prevent them from moving up in the middle class involves gaps in familial wealth.
It's no secret that there's a large wealth gap in the United States, and it's been growing larger in recent years. Federal Reserve data show that as of June 2023, the top 1% of U.S. households by ...
BLS explained the gap between productivity and compensation can be divided into two components, the effect of which varies by industry: 1) Recalculating the gap using an industry-specific inflation adjustment ("industry deflator") rather than consumption (CPI); and 2) The change in labor's share of income, defined as how much of a business ...
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution of income between the main factors of production, land, labour and capital. It is often related to wealth distribution, although separate factors influence wealth inequality.