The Top 1% and Top 10% of Income Earners
The Top 1% and Top 10% of Income Earners
A brief look at the Forbes 400 list provides little support for the idea that fortunes are patiently accumulated through reinvestment of old wealth. When Forbes compared its list of the wealthiest Americans in 1982 and 2012, it found that fewer than one-tenth of those on the list in 1982 were still on the list in 2012, despite the fact that a significant majority of members of the 1982 list would have qualified in 2012 if they had accumulated wealth at a real rate of even 4% a year. They did not, given propensities to spend, donate, or misinvest their wealth. Technology and globalization have given greater scope and opportunity to those with extraordinary entrepreneurial ability, luck, or managerial skill.
Keywords: Poverty, income, Upward mobility, Inequality
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