lkk@mit-eddie.UUCP (Larry Kolodney) (12/10/84)
THe following is from the December 9 issue of PARADE magazine:
Intelligence Report by Lloyd Shearer
A government survey of consumer finances and wealth distribution,
conducted on a continuing basis by the Federal Reserve Board and six other
federal agencies, reveals the following findings as of 1983:
* The top 2% of American households - those whose wealth was more than
$455,000 per family - held 28% of the nation's household wealth.
* The wealthiest 2% owned 71% of all tax-exampt municipal bonds, 38% of
all taxable bonds, 22% of the individual checking accounts, 13% of the
money market accounts, 23% of certificates of deposit, and 12% of the
money in savings accounts. They also owned 62% of all stocks in private
hands and 42% of all the real estate purchased as investments.
* The top 10% of American families - those eraning more than $50,000 a
year - reported average financial holdings of $123,693, compared to an
average of $18,539 in holdings for families earning $25,000 to $30,000 a
year.
* The typical American family had a net worth of a little under $25,000
- an increase of 18% over the typical family's worth in 1977, even after
adjusting for inflation.
* Almost 20% of all American families had a negative net worth, meaning
that they had more liabilities than assets.
* More than 17% of all Americna households has a net worth of more than
$100,000.
* Houses constituted the major asset of the average American family.
* Home mortgates accounted for 75% of the total household debt.
The basic trend of the survey indicates a growing concentration of
wealth in the coffers of a small number of families with high annual
incomes.
END OF ARTICLE
--
larry kolodney (The Devil's Advocate)
UUCP: ...{ihnp4, decvax!genrad}!mit-eddie!lkk
ARPA: lkk@mit-mc