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.
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.