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Income Is Unequal; Wealth Is Far More So
GALLERY

Income Is Unequal; Wealth Is Far More So

Two rulers side by side: the share of this year's income and the share of everything owned, for the bottom half, the next 40%, the next 9% and the top 1%. Wealth is the steeper spike by far.

Image credit

Chart: Urbanicity (STRATIFICATION-V1), from U.S. Census Bureau / Federal Reserve / Pew Research Center tables, 2023 data, rounded - the source line is printed on the chart.

Read the evidence

  • SOURCE IT: the Fed counts net worth from a survey of about 6,000 families plus tax data - who is hard to survey, and which way does that push the top bar?
  • LOOK: compare each pair of bars. Where is the gap between income and wealth largest?
  • INFER: if the bottom half's wealth share has not moved in thirty years, which of the hall's four charts matters most?
Parts & Labels
Gold
share of income (approximate)
Navy
share of wealth (net worth)
The Top 1%
17% of income, about 31% of wealth
The Bottom Half
13% of income, about 2.5% of wealth

Why It Existed

The strongest witness for the counterclaim: change the ruler from income to wealth and the spike gets steeper, not flatter. Rich and poor in America is mostly a question of what people own, and most people own little.

Daily Use

The Federal Reserve estimates who owns what every quarter from its Survey of Consumer Finances: houses, retirement accounts, businesses, stock - minus mortgages and debts. Income is a flow; wealth is the pool the flow has filled, or not.
Comparison Panel
1989
top 1% about 23% of wealth
2023
about 31%
The Bottom Half
about 2-3% throughout - the floor has not moved
Interesting Facts
  • The median white household holds roughly six times the wealth of the median Black household; the income gap is far smaller. Wealth is inherited; income is earned.
  • A house is most middle-class families' entire wealth; a stock portfolio is most of the top 1%'s.

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Galleries
IFire and the Forest IIThe First Surplus IIIWater and Power IVThe Domesticated Animal VThe First Village VIThe Metal That Mattered VIIThe Grain Empire VIIIRoads and Rivers IXThe Silk Corridor XThe Monsoon Bargain XIWhy Rome Thinned XIIThe Classical City XIIIThe Maize Bargain XIVTerrace and Milpa XVThe City in the Lake XVIThe Classic Maya Question XVIIReading the Sky XVIIIA Hemisphere Without Horses XIXThe Heavy Plough XXThe Black Death XXIThe Caravan World XXIIThe Rice Revolution XXIIIWood and the Wall XXIVThe Little Ice Age XXVThe Columbian Exchange XXVIThe Sugar Island XXVIIThe Silver Mountain XXVIIIThe Wind That Made Empires XXIXFur, Fish and Frontier XXXThe First Global City XXXIThe Walking City XXXIICoal and the Clock XXXIIIGoing Up Rural Businesses XXXIVThe Cooled Room The Gerrymander The Income Pyramid ◄ YOU ARE HERE XXXVThe New Mills XXXVIThe Company and the Charter XXXVIIThe Meeting Ground XXXVIIIThe Company Town XXXIXThe Town and the Common XLThe Invisible Arrival XLIThe Consumer Revolution XLIIThe Argument in Print XLIIIWho Was the Revolution For? XLIVThe Machine of Compromise XLVThe Grid Goes West XLVIThe Port City XLVIIThe War Itself XLVIIIThe First Party Fight XLIXRemoval LThe Factory Girls LIThe House Divided LIIReconstruction and Its Undoing LIIIThe Chosen Nation LIVThe Tenement and the Terrace LVThe Immigrant Ledger LVIThe Machine and the Ward LVIIWhy Buildings Rise LVIIIThe Reservation and the Allotment LIXThe Federal Blueprint LXThe Arsenal LXIThe Subsidised Suburb LXIIThe Second Great Migration LXIIIThe Movement in the Street LXIVThe Bomb LXVThe Factory Closes LXVIThe Return Downtown LXVIIThe Sunbelt Bargain LXVIIIThe Worked Continent LXIXThe Hero and the Record LXXThe Reform Photograph LXXIThe Great Upheaval LXXIIThe Cotton Engine LXXIIIThe Corps of Discovery LXXIVThe Republican Experiment LXXVWho Counts? LXXVIThe Canal and the Rail LXXVIIThe Edsel LXXVIIIThe Transcontinental LXXIXThe Crash and the Line LXXXThe Census LXXXIThe Tower Again LXXXIIThe Screen and the Square LXXXIIIThe Literary Digest Poll LXXXIVUrban Renewal LXXXVThe Hardening Line LXXXVIThe Population Bomb LXXXVIINew Coke LXXXVIIIGalloping Gertie LXXXIXThe Question XCThe Index XCIThe Map XCIIThe Poverty Line XCIIIThe Normal XCIVThe Hawthorne Works XCVProhibition XCVIMoving to Opportunity XCVIIThe Obedience Studies XCVIIIThe Minimum Wage Fight XCIXAfter the Towers CThe Sword Rack at the Door CIThe First Light CIIThe Forge of Stars CIIIThe Rocky Ledger CIVThe Goldilocks Band CVThe Moon's Receipt CVIThe Deep Clock CVIIThe Living Spark CVIIIThe Oxygen Revolution CIXThe Drifting Map CXThe Great Dyings CXIThe Mammal's Wager CXIIThe Grasslands Bargain CXIIIThe Fire Keeper CXIVThe Language Leap CXVThe Painted Cave CXVIThe Long Migration CXVIIThe Dog at the Fire CXVIIIThe Ice Corridor CXIXThe Seed Contract CXXThe Village Ledger CXXIThe Writing Debt CXXIIThe City Threshold CXXIIIThe Metal and the Market CXXIVThe Plague Network CXXVThe Ocean Bridge CXXVIThe Silver Circuit CXXVIIThe Machine Threshold CXXVIIIThe Energy Bonanza CXXIXThe Population Curve CXXXThe Telegraph World CXXXIThe Great Acceleration CXXXIIThe Carbon Ledger CXXXIIIThe Information Threshold CXXXIVThe Genome Drawer CXXXVThe Anthropocene Question CXXXVIThe Next Threshold CXXXVIIThe Town Meeting CXXXVIIIThe Common and the Fence CXXXIXThe Sheriff and the Jury CXLThe School Board CXLIThe Charter CXLIIThe Petition CXLIIIThe Property Line CXLIVThe Ballot Box CXLVThe Ward Machine CXLVIThe Suffrage March CXLVIIThe Poll Tax Receipt CXLVIIIThe Recount CXLIXThe King's Two Bodies CLThe Parliament CLIThe Republic's Blueprint CLIIThe Federation Question CLIIIThe One-Party State CLIVThe Referendum CLVMarbury's Desk CLVIThe Fourteenth Amendment CLVIISeparate and Unequal CLVIIIThe Warren Bench CLIXThe Commerce Clause CLXThe Dissent CLXIThe Zoning Map CLXIIThe Boss's Ledger CLXIIIThe Bond Issue CLXIVThe Police Power CLXVThe Annexation Fight CLXVIThe Renewal Bulldozer CLXVIIThe Treaty Table CLXVIIIThe Embassy CLXIXThe Blockade CLXXThe Alliance CLXXIThe Assembly Floor CLXXIIThe Trade War CLXXIIIThe Question-Mark Tracks Emblematic Films — The Decade Panels The Government Lounge Rogues, Ruffians, and Rascals The Processing Hall — The Dairy Wing The Creamery — The Second Wing The Civil Rights Movement 1945–1975 The American Indian The Gallery of Man The Sobering Rooms The Teaching Ward The Pharmacology Cabinet The Pathology Gallery The Epidemiology Map Room
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