"Wealth inequality is not at its highest level in modern history."
Evidence9
Saez and Zucman report the top 0.1% wealth share reached 22% in 2012, a level almost as high as in 1929 rather than higher.
The NBER working paper reports that the top 0.1% share rose to 22% in 2012.
The authors note that this level is almost as high as in 1929, implying it did not surpass the late-1920s peak.
The NBER working paper reports that the top 0.1% share rose to 22% in 2012.
The authors note that this level is almost as high as in 1929, implying it did not surpass the late-1920s peak.
The Cambridge replication table shows the top 10% share was 84.0% in 1929 versus 77.2% in 2012, and the top 1% share was 49.7% versus 41.8%.
The Social Science History replication includes a table of top wealth shares over time.
It lists a top 10% share of 84.0% and top 1% share of 49.7% in 1929, compared with 77.2% and 41.8% in 2012, indicating a higher peak in the late 1920s.
The Social Science History replication includes a table of top wealth shares over time.
It lists a top 10% share of 84.0% and top 1% share of 49.7% in 1929, compared with 77.2% and 41.8% in 2012, indicating a higher peak in the late 1920s.
The Saez-Zucman paper describes a U-shaped pattern: high concentration early in the 20th century, a decline from 1929 to 1978, then a rise afterward.
The NBER working paper summarizes long-run U.S. wealth concentration.
It describes a U-shaped pattern with high concentration early in the 20th century, a decline from 1929 to 1978, and a rise afterward, meaning the modern period is not uniquely high relative to the earlier peak.
The NBER working paper summarizes long-run U.S. wealth concentration.
It describes a U-shaped pattern with high concentration early in the 20th century, a decline from 1929 to 1978, and a rise afterward, meaning the modern period is not uniquely high...
The Federal Reserve SCF note reports the top 1% share fell from 33.9% in 2016 to 33.1% in 2019.
The SCF note reports 2016 and 2019 wealth shares under its augmented measure.
It shows the top 1% share falling from 33.9% in 2016 to 33.1% in 2019, indicating no new peak in that interval.
The SCF note reports 2016 and 2019 wealth shares under its augmented measure.
It shows the top 1% share falling from 33.9% in 2016 to 33.1% in 2019, indicating no new peak in that interval.
The same SCF note reports the top 10% share stayed at 71% in both 2016 and 2019.
The Federal Reserve note compares the top 10% share across SCF waves.
It reports that the top 10% held 71% of wealth in both 2016 and 2019, indicating no additional increase in that period.
The Federal Reserve note compares the top 10% share across SCF waves.
It reports that the top 10% held 71% of wealth in both 2016 and 2019, indicating no additional increase in that period.
Federal Reserve analysis notes that WID data show top 1% wealth concentration peaking in 2010, not in 2019.
The SCF note compares capitalization-model estimates from the World Inequality Database with SCF data.
It states that WID estimates show the top 1% share peaking in 2010, not in the late 2010s, indicating that the peak in that series occurred earlier.
The SCF note compares capitalization-model estimates from the World Inequality Database with SCF data.
It states that WID estimates show the top 1% share peaking in 2010, not in the late 2010s, indicating that the peak in that series occurred earlier.
CBO reports the bottom half's wealth share was 6% in both 1989 and 2022.
The CBO report summarizes wealth shares across the distribution for 1989 and 2022.
It reports that the bottom half share was 6% in both years, indicating no long-run increase for that group''s share.
The CBO report summarizes wealth shares across the distribution for 1989 and 2022.
It reports that the bottom half share was 6% in both years, indicating no long-run increase for that group''s share.
CBO states that from 2019 to 2022 the top 1% share stayed around 27% while the bottom half stayed at 6%.
The report provides an update for the pandemic-era period from 2019 to 2022.
It states that the top 1% share stayed around 27% and the bottom half remained at 6%, showing little change in that interval.
The report provides an update for the pandemic-era period from 2019 to 2022.
It states that the top 1% share stayed around 27% and the bottom half remained at 6%, showing little change in that interval.
CBO reports that excluding Social Security wealth, the top 1% share fell from 34% in 2019 to 33% in 2022 and the bottom half rose from 2% to 3%.
CBO provides an alternative measure that excludes Social Security wealth.
On that measure, the top 1% share fell from 34% in 2019 to 33% in 2022, and the bottom half share rose from 2% to 3%, indicating a short-run narrowing.
CBO provides an alternative measure that excludes Social Security wealth.
On that measure, the top 1% share fell from 34% in 2019 to 33% in 2022, and the bottom half share rose from 2% to 3%, indicating a short-run narrowing.