Top 1 per cent are even richer than surveys say, ECB paper finds

The oft-cited line that the top 1 per cent of US households lay claim to 30 per cent of all wealth is probably an understatement, according to a European Central Bank working paper.

15th July, 2014

The oft-cited line that the top 1 per cent of US households lay claim to 30 per cent of all wealth is probably an understatement, according to a European Central Bank working paper.

Incorporating “missed” data on rich households pushes the share of wealth held by top earners up to between 35 per cent and 37 per cent, wrote Philip Vermeulen, a senior economist at the ECB. That’s higher than the 34 per cent suggested by the...

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