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According to this[1] New York Times graphic the following household incomes place you in these percentiles. Top 1%: $383,000 Top 5%: $188,000 Top 10%: $140,000
by malyk 12y ago
According to this[1] New York Times graphic the following household incomes place you in these percentiles.
Top 1%: $383,000
Top 5%: $188,000
Top 10%: $140,000
Top 25%: $89,125
Top 50%: $50,742
Top 75%: $25,411
Top 90%: $12,154
Give that those incomes are so low[2] it isn't surprising that the top percentiles have so many people that have at least one year in them. As an example, My mother, who reached $60k for 2 years at the end of her 45 year career had to take a 401(k) withdrawal[3], which is counted as income, which boosted her, barely, into the top 20 percent, for one year. It's pretty easy to see how people can be boosted into higher brackets for short periods of time. Picketty is talking about wealth, not income, so it's hard to see how you could build wealth consistently with short term boosts. Remember, 54% of people experienced poverty or near poverty as well...potentially wiping out any wealth they had accrued.
1: http://www.nytimes.com/interactive/2012/01/15/business/one-percent-map.html?ref=economy&_r=0 http://www.nytimes.com/interactive/2012/01/15/business/one-p...
2: I think we see incomes like $188k as low or middle class when they are anything but. Median household income is only ~$50k.
3: Please try to avoid doing this!
- jljljl 12y agoI really don't know why you are being down voted for this comment, which seems like a reasonable interpretation of the data...can someone provide some explanation for their disagreement?
- malyk 12y agoThanks. I'm not sure either. It's my impression that most people, maybe not on HN, but most people, think of the "top 1%" as people who make absurd amounts of money. But the reality is that it "only" takes $383,000 to be in the top 1% of earners. It's dishonest to present the stats about how many people make it into the top percentiles for at least a year without stating what those percentiles are.
- nrao123 12y agoMalyk Your earlier comment about the income level brackets was fantastic! That helped better understand the issue. Not sure why your comment was downvoted!! Th