In theory, those who own a great deal of wealth may or may not have high incomes, depending on the returns they receive from their wealth, but in reality those at the very top of the wealth distribution usually have the most income. Income is what people earn from work, but also from dividends, interest, and any rents or royalties that are paid to them on properties they own. We also need to distinguish wealth from income. It thus reflects the resources that may be immediately available for consumption or various forms of investments." 5) explains, "Financial wealth is a more 'liquid' concept than marketable wealth, since one's home is difficult to convert into cash in the short term. In addition, economists use the concept of financial wealth - also referred to in this document as "non-home wealth" - which is defined as net worth minus net equity in owner-occupied housing. Once the value of all marketable assets is determined, then all debts, such as home mortgages and credit card debts, are subtracted, which yields a person's net worth.
Class by income full#
4, for a full discussion of these issues). However, for purposes of studying the wealth distribution, economists define wealth in terms of marketable assets, such as real estate, stocks, and bonds, leaving aside consumer durables like cars and household items because they are not as readily converted into cash and are more valuable to their owners for use purposes than they are for resale (see Wolff, 2004, p. Generally speaking, wealth is the value of everything a person or family owns, minus any debts. The most striking numbers on income inequality will come last, showing the dramatic change in the ratio of the average CEO's paycheck to that of the average factory worker over the past 40 years.įirst, though, some definitions. This document presents details on the wealth and income distributions in the United States, and explains how we use these two distributions as power indicators. Resident population given as of the 2020 United States Census.Wealth, Income, and Power by G. Virgin Islands is given as of 2010 (source: American FactFinder). Map of states by annual increase of median household income in 2010-2019 States and territories ranked by per capita income ĭata for the American Samoa, Guam, the Northern Mariana Islands and the U.S. States and territories ranked by median household incomeĪverage annual growth rate (current dollars) in 2010-2019, % Tables do not reflect the margin of error in the values.
States and territories ranked by median household income ĭata given in 2019 dollars. Virgin Islands, for which the data comes from 2010, as ACS does not operate in these areas. Data is given according to the 2021 American Community Survey (ACS) 1-Year Estimates, except for the American Samoa, Guam, the Northern Mariana Islands and the U.S. states, territories and the District of Columbia by income. states and territories by income inequality. For the list of states by income inequality, see List of U.S.
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