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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GraceZ who wrote (78245)1/29/2007 10:08:54 AM
From: GST  Read Replies (1) of 110194
 
Grace: Look at the distribution of wealth within America if you really want to see what is going on -- roughly 70% of the wealth in America is in the hands of the top 10% of the population -- the rest is divided among the next 90%. With a distribution like that you are going to have some people doing just great while most people are running hard just to stand still, and with no wealth. I would be willing to bet that the "average" resident in Shanghai probably has a higher net worth than half of the American population.

Quoted from page 21 of the report you cite: <Table 9 shows that wealth concentration varies significantly across countries, but is generally very high. Comparisons of wealth inequality often focus attention on the share of the top 1 per cent. That statistic is only reported for 12 countries, a list that excludes China, Germany, and the Nordic countries apart from Denmark. Estimated shares of the top 1 per cent range from 10.4 per cent in Ireland to 34.8 per cent in Switzerland, with the USA towards the top end of this range at 32.7 per cent. (The sampling frame for the US survey excludes the Forbes 400 richest families; adding them would raise the share of the top 1 per cent by about two percentage points. See Kennickell, 2003, p. 3.) The share of the top 10 per cent, which is available for all 20 countries, ranges from 41.4 per cent in China to 69.8 per cent in the USA.>
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