Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site mit-eddie.UUCP Path: utzoo!watmath!clyde!burl!ulysses!mhuxj!houxm!ihnp4!mit-eddie!lkk From: lkk@mit-eddie.UUCP (Larry Kolodney) Newsgroups: net.politics Subject: more on the distribution of wealth in US Message-ID: <3282@mit-eddie.UUCP> Date: Sun, 9-Dec-84 17:07:40 EST Article-I.D.: mit-eddi.3282 Posted: Sun Dec 9 17:07:40 1984 Date-Received: Tue, 11-Dec-84 03:28:40 EST Distribution: net.politics Organization: MIT, Cambridge, MA Lines: 49 THe following is from the December 9 issue of PARADE magazine: Intelligence Report by Lloyd Shearer A government survey of consumer finances and wealth distribution, conducted on a continuing basis by the Federal Reserve Board and six other federal agencies, reveals the following findings as of 1983: * The top 2% of American households - those whose wealth was more than $455,000 per family - held 28% of the nation's household wealth. * The wealthiest 2% owned 71% of all tax-exampt municipal bonds, 38% of all taxable bonds, 22% of the individual checking accounts, 13% of the money market accounts, 23% of certificates of deposit, and 12% of the money in savings accounts. They also owned 62% of all stocks in private hands and 42% of all the real estate purchased as investments. * The top 10% of American families - those eraning more than $50,000 a year - reported average financial holdings of $123,693, compared to an average of $18,539 in holdings for families earning $25,000 to $30,000 a year. * The typical American family had a net worth of a little under $25,000 - an increase of 18% over the typical family's worth in 1977, even after adjusting for inflation. * Almost 20% of all American families had a negative net worth, meaning that they had more liabilities than assets. * More than 17% of all Americna households has a net worth of more than $100,000. * Houses constituted the major asset of the average American family. * Home mortgates accounted for 75% of the total household debt. The basic trend of the survey indicates a growing concentration of wealth in the coffers of a small number of families with high annual incomes. END OF ARTICLE -- larry kolodney (The Devil's Advocate) UUCP: ...{ihnp4, decvax!genrad}!mit-eddie!lkk ARPA: lkk@mit-mc