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Richest Are Leaving Even the Rich Far Behind
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| Parent(s) |
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| Contributor | RP |
| Last Edited | RP Jun 06, 2005 08:14pm |
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| Category | Analysis |
| Media | Newspaper - New York Times |
| News Date | Tuesday, June 7, 2005 02:00:00 AM UTC0:0 |
| Description | The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population, an analysis of tax records and other government data by The New York Times shows. They have even left behind people making hundreds of thousands of dollars a year.
Call them the hyper-rich.
The average income for the top 0.1 percent was $3 million in 2002, the latest year for which averages are available. That number is two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980. No other income group rose nearly as fast.
The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell. |
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