Thomas "Capital in the 21st Century" Piketty endorses the World Wealth and Income Database, where you will find "open and convenient access to the most extensive available database on the historical evolution of the global distribution of income and wealth, both within countries and between countries" in English, with upcoming translations in Chinese, Spanish, Arabic and French.
With one striking result: the share of bottom 50% incomes dropped from 20% to 12% of total national income between 1980 and 2014, while the share going to the the top 1% rose from 11% to 20% over the same period. Both groups have basically exchanged their respective positions in terms of income shares. This corresponds to a dramatic collapse of the relative position of bottom income groups in US society during this period. The figure below (also available here) summarizes the situation and is part of thousands of figures and maps which can be easily generated and exported from WID.world.
To be concrete, the average annual income of the bottom 50% has stagnated at about 16000 dollars (expressed in constant dollars 2015), while the average income of the top 1% rose from 27 times to 81 times this amount, that is from a little over 400 000 dollars in 1980 to over 1,3 millions dollars in 2014. Note that top 1% individuals are by construction 50 times less numerous than bottom 50% individuals: if their average income is 27 times higher this is not sufficient to compensate their smaller numerical size; but once their average income is 81 times higher, their share in total income is substantially higher than that of the bottom 50%.
World Wealth and Income Database
WID.world: a new global database on inequality [Thomas Piketty/Le Monde]
The roster of people carrying student debt is really just "a list of people liable to additional taxation after graduation"; in 2007, GW Bush signed into law the Public Service Loan Forgiveness (PSLF) program that would allow debt-haunted grads to earn loan forgiveness by foregoing the private sector and working for lower wages in public […]
McDonald's workers in ten US cities staged a mass walkout last week, demanding that the company take action on the rampant sexual abuse and harassment in its franchisees' stores; as the workers pointed out, the company surveils and controls their every move on-shift down to the minutest detail, but can't seem to find any way […]
When the private equity raiders who took over Toys R Us, saddled it up with debt, extracted $200,000,000 and then crashed it, they took the employee severance fund with them, but that wasn't the final indignity the titans of finance inflicted on the workforce before turning them out on the unemployment line.
Sipping on whiskey is already a sophisticated experience, but that doesn’t mean you can’t kick it up a notch. A perfect addition to your desk or home bar, the Eravino Whiskey Globe Decanter features a beautifully etched map on the surface and an eye-catching glass ship inside, bringing an entirely new level of class to […]
Gone are the days when you needed to pore over a 400-page physics textbook to learn about weight ratios, aerodynamics, and all of those other STEM concepts that let us take to the skies. Thanks to Force Flyers’ DIY Building Block Drones, you can foster your STEM knowledge as you build and fly your own functional […]
As more companies leverage cloud technology to unite and streamline their operations, the need for capable IT pros increases. But, as any IT guru will tell you, demand alone won’t get your foot in the door to this lucrative field. If you want to cash in on the demand and build a thriving IT career, […]