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Sunday, October 1, 2017

Our Top 10% Owns 77%

This past Wednesday, the Federal Reserve released the outcome of its 2016 Survey of Consumer Finances.  It's a bit of a grim picture.

The first graph below shows the wealth level at each percentile of distribution; note that wealth is overwhelmingly concentrated at the top of society.

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Wealth Level By Percentile (2016)

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Chart type: line chart.
line with 101 data points.
The chart has 1 X axis displaying Wealth Percentile.
The chart has 1 Y axis displaying values.

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Wealth PercentileWealth Level in Millions of $ By Percentile (2016)020406080100-2.5M02.5M5M7.5M10M12.5MSource: Survey of Consumer Finances69 Wealth: $266,680

The next graph shows the percent of wealth owned by each decile, that is, by each 10% of the population.  So, you can see that while the bottom 10 percent of us owns 0.5 percent of the wealth in the country, the top 10 percent owns 77.1 percent of it.

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Wealth Share By Wealth Decile (2016)

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Chart type: column chart.
column series with 10 columns.
The chart has 1 X axis displaying Wealth Decile.
The chart has 1 Y axis displaying values.

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Wealth DecileWealth Share By Wealth Decile (2016)-0.5%-0.5%0%0%0.2%0.2%0.5%0.5%1.1%1.1%1.9%1.9%3.2%3.2%5.4%5.4%11.2%11.2%77.1%77.1%246810-20%0%20%40%60%80%100%Source: Survey of Consumer Finances

Finally, let's see what percent of national wealth is owned by the top 1 percent of families.

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Wealth Share of the Top 1%

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Structure.

Chart type: line chart.
line with 10 data points.
The chart has 1 X axis displaying values.
The chart has 1 Y axis displaying values.

Chart graphic.

Wealth Share of the Top 1%19901995200020052010201528%30%32%34%36%38%40%Source: Survey of Consumer Finances2013 Share: 35.5%

In 1989, the top 1 percent owned 29.9 percent of our country's wealth.  Today, that's up to 38.5 percent.

A possible clue to the dwindling of the middle class?

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