eder@ssc-vax.UUCP (Dani Eder) (03/27/85)
[26 March 1985] Some data on wealth distribution in the US: This year, the United States is worth approximately 13.75 trillion $. Of this, 10.5 trillion $ is personal wealth, the balance being publically held. The personal wealth is made up of the following: (in trillion $) Real Estate 4.5 Stock 2.6 Bonds 0.5 Cash/savings 2.2 Debt instruments 0.2 Life Insurance 0.4 Miscellaneous 2.5 Debts -2.4 ---------------------- Total 10.5 The average household net worth is $131,250. It is distributed as follows: Top 1/2 percent $5,250,000/household Next 1/2 percent 1,440,000/household next 5 percent 682,000/household bottom 94% 67,000/household Another way of looking at this distribution is to divide personal wealth in the US into eight equal parts by household net worth. The poorest household in each group is as follows: Eighth Minimum net worth 1 6,000,000 2 2,500,000 3 1,000,000 4 400,000 5 160,000 6 80,000 7 40,000 8 negative In reading this table, you can say, for example, that 3/8 of the personal wealth is owned by millionaires. The preceding is from several sources, including the Statistical Abstract of the US, Income,Expenditures and Wealth Chapter. Who are the rich? From the October 1, 1984 issue of Forbes magazine, I compiled the following table of the rich in America. Note that most large fortunes nowadays are in the hands of a family, rather than an individual Family Net Worth (million$) ------- ---------- DuPont 10,000 Hunt 6,425 Getty 4,100 Rockefeller 3,900 Walton 2,300 Cullen 2,000 Packard 1,800 MacMillan 1,700 Koch 1,500 Mars 1,500 Newhouse 1,500 Pritzker 1,500 Perot 1,400 Hearst 1,300 Phipps 1,200 Wang 1,200 Lykes 1,100 Tisch 1,100 Mellon 1,083 Group Net Worth(M$) Total for Group -------- -------- ---------------- Top 19 >1,000 46.6 billion$ Next 40 525-1,000 26.6 billion$ Next 75 320-500 31.3 billion$ Next 284 150-300 58.8 billion$ Top 418 >150 163.3 billion$ (1.5% of all personal wealth Next 9600 >16 300 billion Me, you ask? My family has more net worth than 60% of American families (+30,000$). Three and one-half years ago, I had a net worth of -10,000$, fresh out of school. I have strived to live on 30% less than I earn. Now that I am married, it is still possible to do that with two wage earners. One wage earner alone if married would have a hard time keeping that up. If, however, one wanted to earn enough from savings to retire, at a 30% savings rate and an assumed 8% real after-tax return, you would go like this:(earnings from savings as % of earnings from wages) 5 years: 14% 10 years: 35% 15 years: 65% 19 years: 99% You could quit after 20 years. Your net worth would be 12.5 times wages. You and your posterity could be comfortable in theory forever. Doesn't seem so hard, now does it? I've got about 17 years to go. Dani Eder/ Boeing/ssc-vax!eder
gjk@talcott.UUCP (Greg Kuperberg) (04/01/85)
> [26 March 1985] > > Some data on wealth distribution in the US: ... > The average household net worth is $131,250. It is distributed > as follows: > > Top 1/2 percent $5,250,000/household > Next 1/2 percent 1,440,000/household > next 5 percent 682,000/household > bottom 94% 67,000/household ... > Who are the rich? From the October 1, 1984 issue of Forbes > magazine, I compiled the following table of the rich in America. ... > Dani Eder/ Boeing/ssc-vax!eder Note that many of the famous actors and actresses spend all of their income, and are therefore somewhere in the bottom 94%. On the other hand, many farmers own their million-dollar farms and therefore in the top 1%. Now, who do you think is wealthier in real terms, the farmers or the celebrities? In short, there is one piece of property that is never included in these figures, because it cannot be sold and therefore is not assigned a value. However, this property, which all of us own, yields much higher profits on average than real estate or stocks. This property is ourselves, our own resources. If we were to include this in our statistics, we would find that wealth in this country is much more evenly distributed. -- Greg Kuperberg harvard!talcott!gjk "No Marxist can deny that the interests of socialism are higher than the interests of the right of nations to self-determination." -Lenin, 1918
vassos@utcsri.UUCP (Vassos Hadzilacos) (04/04/85)
> Greg Kuperberg > harvard!talcott!gjk > > "No Marxist can deny that the interests of socialism are higher than the > interests of the right of nations to self-determination." -Lenin, 1918 A reference, please? Like, where did Lenin say this?