Thanks to the remarkable work of Edward N. Wolff, we will continue the study of inequality in the U.S. by looking to the direct consequences of income inequality: the inequality of wealth. They are even more glaring :
It was found that 1% of the population owns 35% of assets, and the following 4% have 27%. There is also the regime of increasing inequality: the Top 5% assumes a share of the wealth created bigger than its initial share: its proportion in total wealth is increasing.
Thus 85% of the country belongs to 20% of the population, while 40% has virtually nothing: in 2007, 19% of the population has a zero or negative wealth, heritage and 30% less than $ 10 000. We also note that the average wealth is nearly $ 540 000 but the median wealth of only $ 102 500.
It represents the previous graph curves of income distribution, property and financial assets. We see how the distribution of wealth is more unequal than income (80% of the population has almost 50% of revenue but only 20% of assets). Logically, the Gini index of total wealth reached U.S. 83, and the financial wealth of the record 91. Emphasize that such a gap between permanent income and wealth is the fact that practically only the first 3 deciles save – distribution of savings is logically much closer to that heritage as income.
The following chart shows an international comparison of distribution curves of wealth :
Note that the U.S. is actually the most unequal countries in terms of wealth distribution among the major developed countries.
I refer the reader interested in the sociological reasons for these differences to the remarkable work of Emmanuel Todd on family systems, for example by reading his book The diversity of the world.
- Income Inequality in the US (1/3)
- Income Inequality in the US (3/3)
- Income Inequality in the US (2/3)