And Now the Richest .01 Percent

[Octafish]

16. Income? Power? Wealth?

Who Rules America?

by G. William Domhoff
UC Santa Cruz

EXCERPT...

This document focuses on the "Top 1%" as a whole because that's been the traditional cut-off point for "the top" in academic studies, and because it's easy for us to keep in mind that we are talking about one in a hundred. But it is also important to realize that the lower half of that top 1% has far less than those in the top half; in fact, both wealth and income are super-concentrated in the top 0.1%, which is just one in a thousand. (To get an idea of the differences, take a look at an insider account by a long-time investment manager who works for the well-to-do and very rich. It nicely explains what the different levels have -- and how they got it. Also, David Cay Johnston (2011) has written a column about the differences among the top 1%, based on 2009 IRS information.)

SNIP...



CONTINUED w LINKS:

http://www2.ucsc.edu/whorulesamerica/power/wealth.html