They call America the land of opportunity, but few would question the notion that it is also the land of contrasts. All you need to do is look at the statistics compiled on a regular basis by the Department of Labor, Census Bureau and other government institutions to see the stark differences between the country’s top and bottom earners. While the top 1% of American households holds 34.6% of all privately-held wealth, for example, the bottom 80% (made up of salary workers) holds 14.9%. For more statistics on income, wealth and debt distribution in America, take a look at our infographic, created in partnership with OnlineSchools.org.
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14 Comments so far
leave a commentVery interesting info. I found the home as a percentage of total wealth very interesting. Also, 91.9% of Americans receive no inheritance. That’s great if you think of America as the land of the self-made man (or woman). At the same time, it’s sad that the majority of money earned by the previous generation is completely used up in one lifetime and for what. What will your inheritance be to your children? Or to your grandchildren for that matter?
Definitely not with me… lol
The reason there’s no inheritance for so many is because getting old is very, very expensive. In fact it is so expensive that lots of people give away their money ahead of time to qualify for government assistance.
The other reason to give away money before you die is that it prevents Uncle Sam from taking an undeserved percentage of it away as an estate tax.
that chart shows who has money. Not where they came from. Opportunity is about the possibility to become wealthy even if you are dead broke. It doesnt mean that EVERYONE will become successful.
In fact, if you ARE a salary worker you WONT become rich. Unless you save like a madman and get paid over 150k a year.. but then again that already puts you in the top 5% believe it or not.
I was dead broke 3 years ago and now im earning top 1% money. It can happen to those who go out and take chances and make it happen.
wow, im defiently at the bottom.
Strange there wasn’t any mention of the percentage of taxes paid to the government by the different levels of earners. Maybe not so strange; it’s hard to foster wealth envy with tax liabilities.
I get so tired of people thinking how bad things are in america, In the last 4 years we have straighten our family finances out no debt, making money, enjoying life with the help of the total money makeover from Dave Ramsey I got tired of being the slave to the lender know I am the master and with the Good Lord’s help me and my house will stay that way. Anyone can do it so stop the poor mouth get up and find a job even if it is only part time stop depending on a government who does not care and work be the better person. I like how the President and Congress known what I need and can feel our pain but how the President has a worth of around 5-6 million and most members of Congress are millionares they sure feel my pain………..
WE THE PEOPLE want our money back, from the government, the system, and all the rich people who milk the system and living off our hard-working three-jobs-per-person backs. Now.
Interesting numbers, but I think there’s more to this tale. I was looking at average household expenditures over the past 15 years, and it’s clear that people across all wealth demographics are increasing their luxury spending.
Entertainment purchases are a much higher percentage of annual spending, eating out has increased significantly, grocery spending has dropped a lot, people spend more on furniture, clothing, and electronics. It appears that savings have shrunk and debt increased to compensate for unnecessary purchases.
I was also looking at a survey of households listing “what they have.” 59% of all households have a big-screen TV, nearly all of which are HDTVs. 78% have one or more cellphones and half of those are smartphones. More than 40% of households have a current-generation gaming console, and 20% have a home theater room.
In 2007 the top 1% paid 40.42% of all federal income taxes. The top 5% paid 60.63% and the top 25% paid 86.59%. These percentages have all increased since 2007. The bottom 50% pay virtually nothing in federal income taxes. This is the most progressive system of income taxation in the world. The idea that the top earners aren’t doing their share is a crock.
Doug,
The idea that the top earners aren’t doing their share is based on how small a percentage of their income they pay towards taxes as compared to what the bottom 50% pays towards taxes, and it is a sad truth not a crock. Nice try on manipulating the situation, though.
Yep. It’s funny that this “info” graphic leaves out who pays out the most taxes in this country.
It wouldn’t fit the whole… “rich people are evil” mantra.
I’m in a downwardly mobile trend, and I’m ok with that. I was in the top 1% for a few years, and it isn’t all it’s cracked up to be. I’m happier here, with some free time and the ability to sleep in on occasion.
Living low is the way to go!