Boy, the rich made out like bandits. The top 1 percent, but really the top 0.1, top 0.01, and even top 0.001 percent (that last group included only 2,344 adults in 2014) saw really fast, dramatic growth in their incomes after 1980. Contrary to some recent commentary, the large increase in inequality isn’t due to the top 20 percent; affluent, educated professionals with low-six-figure salaries and nice homes in good suburbs aren’t driving this. Their incomes are growing about 1.5 percent a year — not bad, but not that much better than the middle class either. The major spike is in the top 1 percent (adults receiving an average of $1.31 million per year each out of national income) and above, where annual income grew by 3, 4, 5, even 6 percent.
This doesn’t appear to have been the way the economy worked from, say, 1946 to 1980.
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