What kind of distribution of wealth is there for the different asset components?
Wolff: Things are even more concentrated if you exclude owner-occupied housing. It is nice to own a house and it provides all kinds of benefits, but it is not very liquid. You can t really dispose of it, because you need some place to live. The top 1 percent of families hold half of all non-home wealth. The middle class s major assets are their home, liquid assets like checking and savings accounts, CDs and money market funds, and pension accounts. For the average family, these assets make up 84 percent of their total wealth. The richest 10 percent of families own about 85 percent of all outstanding stocks. They own about 85 percent of all financial securities, 90 percent of all business assets. These financial assets and business equity are even more concentrated than total wealth. MM: What happens when you disaggregate the data by race? Wolff: There you find something very striking. Most people are aware that African-American families don t earn as much as white families. The average
Related Questions
- Is it possible to procure the Clampcrete system components separately from different sources and still achieve the certified crash-tested system?
- How is scaling affected by node distribution over different latency networks, e.g. WAN vs LAN?
- What kind of distribution of wealth is there for the different asset components?
