What can we say about the top 1%? Interesting article in the Washington Post. In the country overall their average income is $517,000. This compares to $50,000 to for the average American household.
In New York City the top 1% earn an average of $3.5 million a year.
Now that’s just income. As is well known ownership of property and wealth is even more cockeyed. Average wealth for the top 1% is $13.9 million. “The wealthiest 1 percent held an average of 225 times the wealth of the average median household in 2009.”
The poorest 20% in the U.S. has wealth below zero, that is they have an average debt of $27,000!
Other facts from another article in Yahoo Finance:
The 1% have 40% of the wealth. They own half of the country’s stocks and bonds. They take in 24% of the country’s income. The only other time things were this unequal was in the 1920’s.
and a final number. Despite what Mayor Bloomberg said the average salary on Wall St. is six times what other private sector (workers who don’t work for the government) get.