RE and economic charts: Good Grief Graph Friday: The rich got richer

Saturday, October 23, 2010

Good Grief Graph Friday: The rich got richer

[mEDITate-OR:

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Tax Data Show Richest 1 Percent Took a Hit in 2008
But Income Remained Highly Concentrated at the Top
Recent Gains of Bottom 90 Percent Wiped Out
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High Concentration Persists at the Very Top

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TABLE 1: Average Income Gains, Adjusted for Inflation
	Income Gain During Expansion (2002 to 2007)		Loss During First Year of Recession (2007 to 2008)		Change Since Beginning of Expansion (2002 to 2008)
Bottom 90 percent	$1,250	4%	-$2,420	-7%	- $1,170	-4%
Top 1 percent	$541,140	62%	-$279,200	-20%	$261,930	30%
Top 0.01 percent	$20,072,720	123%	-$9,045,980	-25%	$11,026,750	68%
Note: In 2008, the bottom 90 percent of households were those with incomes below about $110,000. The top 1 percent were those with incomes above about $370,000, and the top 0.01 percent were those with incomes above about $9,140,000. Calculations are in current 2008 dollars.