The Top One Percent

Americans in the top 1 percent is an elusive bunch. Recently, more attention is given to this group. Below are some highlights of the top 1 percent: who they are, what they do, how much wealth they control, and how they earn their wealth?

• The top 1 percent of American households had a minimum income of $516,633 in 2010 (figure includes wages, government transfers and money from capital gains, dividends and other investment income). More here and here. 
• The richest 1 percent don't all work on Wall Street. Thirty-one percent (31%) of them are non-financial-sector executives, 15.7% are medical professionals, and 13.9% are financial professionals. More here.
• The vast majority of wealth held by the top 1 percent come from stocks, securities, business equity and other investments. The top 1 percent own nearly half of all stocks and mutual funds, and more than 60% of both financial securities and business equity. More here and here and here. 

• But while income of American wealthiest skyrocketed in the past three decades, most Americans' incomes stagnated. The bottom 60 percent earned a maximum of $59,154 in 2010, the bottom 40 percent earned a max of $33,870, while the bottom 20 percent earned just $16,961 at maximum. More here and here. 
•  While the top 1 percent own the majority of assets - stocks, securities, business equity and other investments - the poorest households were experiencing declines in net worth even before the recession hit. In 2007, the bottom 20 percent of households had an average net worth of –$13,800 in 2007, which fell further to –$27,200 in 2009. More here. 
• Average wealth of the bottom 80 percent was just $62,900 in 2009 — a dropoff of $40,900 from 2007, meaning the wealthiest 1 percent held an average of 225 times the wealth of the average median household in 2009 — a ratio that was 125 in 1962. More here.

See research below for more information:

• Edward Wolff, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007 (examined the proportion of assets held by the top 1 percent in 2007, those whose minimum net worth was $8,232,000 or more).
• Bakija, Cole, and Heim, Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data.
• Center for American Progress, The Legitimate Gripes of the Other 99 Percent.
• Vanity Fair, Of the 1%, by the 1%, for the 1%
• Charts provided by Mother Jones