4 ms·
Only 1/3 of people in the top 1% in 2005 would remain in the top 5 by 2009. See table 3: https://www.aeaweb.org/conference/2013/retrieve.php?pdfid=462 https://
by yummyfajitas 10y ago
Only 1/3 of people in the top 1% in 2005 would remain in the top 5 by 2009.
See table 3: https://www.aeaweb.org/conference/2013/retrieve.php?pdfid=462 https://www.aeaweb.org/conference/2013/retrieve.php?pdfid=46...
Among people with income > $1M, 50% had this income for only 1 year.
https://taxfoundation.org/millionaire-status-fleeting/ https://taxfoundation.org/millionaire-status-fleeting/
One great way to have a lot of income is to sell a house that appreciated in value over many years. But it's hard to do that repeatedly.
- stuaxo 10y agoThis is so soon after the credit crunch of 2008 it can't be generalised, A data set ending 1 year after the great depression would probably look the same. It would be more interesting to take a longer term data, just like this study did. (Even 2005 to 2015 would be more realistic).
- yummyfajitas 10y agoDid you even read the paper? From 1991-2005, the odds of remaining in the top 1% for 5 years have ranged from 21% (in 1999) to 36% (in 1994). Intermediate results are more or less the same from 2005-2010.
- taeric 10y agoI'm curious how much of that is falling out of the top, and how much is the to accelerating ever higher. And you still need to adjust for inherited wealth. That is, of those that fell out, how many got there from inheritance?