Wealth is private assets (such as savings and property) minus debts. It is what you own minus what you owe. In other words, it is net assets. Income, on the other hand, refers to wages, salary, interest that you earn, Social Security benefits, etc.
Yes, almost one fifth of American have no assets or they have negative assets -- that is, their debts are larger than their assets.
Distribution of Net Worth, 1998
In 1998, the last year for which figures are available, it took over $250,000 to be in the top 10% of wealth holders. It took over $3,000,000 to reach the top 1%. Household Net Worth, 1998 Population Threshold Average Net Worth Top 1% $3,352,100 $10,204,000 Next 4% $1,441,000 Next 5% $475,600 $623,500 Next 10% $257,700 $344,900 Fourth 20% $161,300 Middle 20% $61,000 Bottom 40% (Negative) $1,100
In 1998, the last year for which figures are available, it took over $250,000 to be in the top 10% of wealth holders. It took over $3,000,000 to reach the top 1%.
Household Net Worth, 1998
Median Wealth in the U.S. in 1998 dollars 1989 1992 1995 1998 $58,400 $49,900 $48,800 $60,700 Source: Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-98
Source: Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-98
In the 22 years between 1976 and 1998, the share of the nation's private wealth held by the top 1% nearly doubled, going from 22% to 38%. During those two decades, the size of the overall "wealth pie" grew, but the ownership of that wealth is now more concentrated than at any time since the 1920s. The following table shows the change in relative shares of wealth from 1983 to 1998. Changes in Wealth Ownership 1983 1989 1992 1995 1998 Top 1% 33.8% 37.4% 37.2% 38.5% 38.1% Next 4% 22.3 21.6 22.8 21.8 21.3 Next 5% 12.1 11.6 11.8 11.5 11.5 Next10% 13.1 13.0 12.0 12.1 12.5 Next20% 12.6 12.3 11.5 11.4 11.9 Middle20% 5.2 4.8 4.4 4.5 4.5 Bottom40% 0.9 -0.7 0.4 0.2 0.2 The following chart shows the change in average household net worth over the same period. Change in Average Household Net Worth, 1983-98 Source: Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-1998," April 2000. Table 3. http://www.levy.org/docs/wrkpap/papers/300.html
In the 22 years between 1976 and 1998, the share of the nation's private wealth held by the top 1% nearly doubled, going from 22% to 38%. During those two decades, the size of the overall "wealth pie" grew, but the ownership of that wealth is now more concentrated than at any time since the 1920s.
The following table shows the change in relative shares of wealth from 1983 to 1998.
Changes in Wealth Ownership
22.3
13.1
13.0
12.0
12.1
12.6
12.3
11.5
11.4
5.2
4.8
4.4
4.5
0.9
-0.7
0.4
0.2
The following chart shows the change in average household net worth over the same period.
Change in Average Household Net Worth, 1983-98
Racial Wealth Gap, 1983-98
Median Net Worth
1983
1989
1992
1995
1998
If the financial wealth of the average family in the bottom 80% of families were represented by a bar graph one inch high, the bar representing the financial wealth of the average family in the top 1% would be 33 feet high.
About half of American households own stock either directly or through a mutual fund. However, over 86 percent of the value of all stocks and mutual funds, including pensions, was held by the top 10 percent of households. In 1998, the top 1 percent of Americans owned 47.7 percent of all stock, while the bottom 80 percent owned 4.1 percent. Between 1989 and 1998, nearly 35 percent of all stock market gains went to the top 1 percent of shareholders. 64 percent of American households have stock holdings worth $5,000 or less, or own no stock at all. Source: Economic Policy Institute, The State of Working America 2002-03, pp. 286-289
About half of American households own stock either directly or through a mutual fund. However, over 86 percent of the value of all stocks and mutual funds, including pensions, was held by the top 10 percent of households. In 1998, the top 1 percent of Americans owned 47.7 percent of all stock, while the bottom 80 percent owned 4.1 percent.
Between 1989 and 1998, nearly 35 percent of all stock market gains went to the top 1 percent of shareholders. 64 percent of American households have stock holdings worth $5,000 or less, or own no stock at all. Source: Economic Policy Institute, The State of Working America 2002-03, pp. 286-289
Number of Millionaires in the U.S.
How many billionaires?
Number of Billionaires in the U.S.
Richest Individuals and Families in the U.S., 2002
In 1982 the wealthiest 400 individuals in the "Forbes 400" owned $92 billion. By 2000 their wealth increased to over $1.2 trillion.
? How does Bill Gates' wealth compare to the rest of the population?
Bill Gates alone has as much wealth as the bottom 40% of U.S. households.
