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Sure, you’ve heard about the 1%. But what about the 0.1%?

Studies have found that even among the rich, there’s a wealth gap. In fact, the average U.S. household in the top 1% makes about $1.26 million each year. For the top 0.1%, that figure is about $6.37 million, reports The New York Times. Compare that to the bottom 90%, which makes about $30,997.

Read: The surprising home to many of America’s rich

So who makes up the 0.1%? In the U.S., two-in-five are executives, managers or supervisors. And one-in-five works in finance.

And their incomes are growing. One study by the Economic Policy Institute found compensation for chief executives ballooned 725% in real terms from 1978 to 2011.

The New York Times adds this may be because the financial sector, including Wall Street, continues to get bigger and richer. Read more.

Also read:

Where rich clients want to stay when they’re out of town

The rich need $2.3M to retire

Credential entices rich clients

Originally published on Advisor.ca

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