Income Inequality: Who Exactly are the 1%?
Income inequality is something most are familiar with. But, who are the select few who sit pretty in the top 1% of earners across the USA? Those who earned more than $380,000 in 2008 made it on to the list, while on average that top 1% enjoyed an average household income of $1.2m in 2008. Previously, individuals in this group held positions in law or the medical field, yet more and more top earners these days now work in the field of finance. This has been brought to the attention of Steve Kaplan – of the University of Chicago. Kaplan has proposed that finance explains much of the rise in income inequality…
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