MEASURING WEALTHMEASURING WEALTH
How did America's rich fare during the recent hard economic times? Not that well, according to the latest figures on income. But then, these statistics don't take everything into account. Overall, the top 1 percent of the country saw a drop in income from $1.34 trillion to $1.09 trillion between 2000 and 2001, the latest years for which the Internal Revenue Service has data available. More recent
November 1, 2003
Rorie M. Sherman Editor in Chief
How did America's rich fare during the recent hard economic times? Not that well, according to the latest figures on income. But then, these statistics don't take everything into account.
Overall, the top 1 percent of the country saw a drop in income from $1.34 trillion to $1.09 trillion between 2000 and 2001, the latest years for which the Internal Revenue Service has data available. More recent but broader data from the U.S. Census Bureau shows incomes of those in the top 5 percent fell from $152,893 to $150,002 from 2001 to 2002.
Of course it's net worth — not income — that tells the true story of wealth in the United States. So, while top executives' paychecks may have taken a hit in recent years, wealth...
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