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Are The Rich Getting Richer? Trends in U.S. Wealth Concentration

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  • Lebergott, Stanley

Abstract

When tested against U.S. evidence back to the nineteenth century a straight-forward model of wealth accumulation contradicts the belief that “the rich are getting richer.” If the wealth owned by the top 1 percent of American families in 1922 had earned only a modest 8 percent yearly until 1953 then they (or their heirs) would have owned 98 percent of personal wealth—instead of an actual share of 28 percent. The erosion of top wealth groups also appears for 1953–1969, and for 1892 and the years following. The reasons for such erosion, inherent in the structure of U.S. families and of U.S. institutions, are discussed.

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  • Lebergott, Stanley, 1976. "Are The Rich Getting Richer? Trends in U.S. Wealth Concentration," The Journal of Economic History, Cambridge University Press, vol. 36(1), pages 147-162, March.
    • Handle: RePEc:cup:jechis:v:36:y:1976:i:01:p:147-162_09
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    Cited by:

    1. Jeffrey G. Williamson & Peter H. Lindert, 1980. "Long-Term Trends in American Wealth Inequality," NBER Chapters, in: Modeling the Distribution and Intergenerational Transmission of Wealth, pages 9-94, National Bureau of Economic Research, Inc.
    2. Hugh Rockoff, 2008. "Great Fortunes of the Gilded Age," NBER Working Papers 14555, National Bureau of Economic Research, Inc.

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