The double one percent: identifying an elite and a super-elite using the joint distribution of income and net worth

Lisa A. Keister, Hang Young Lee

Research output: Contribution to journalArticleResearchpeer-review

Abstract

Growing inequality has heightened awareness of those at the top of the income and wealth distributions, and researchers are beginning to acknowledge the need for a way to identify top households that simultaneously accounts for their income and net worth. We contribute to the literatures on top income and wealth households by introducing a measure of top status that includes a larger number of affluent households and that explicitly accounts for the interrelationship between income and wealth. Our innovation is to start with both income and wealth holders and to divide the top into three groups: those who are top income only, those who are top net worth only, and those who are at the top of both distributions (the double one percent). Our results show that the top three groups are unique financially and demographically in ways that inform understanding of inequality and the processes that lead to membership in top income and wealth positions. Perhaps most importantly, our results identify those who are merely elite and those who occupy even more exclusive, or super elite, positions at the top of both the income and wealth distributions.
LanguageEnglish
Pages1-12
Number of pages12
JournalResearch in Social Stratification and Mobility
Volume50
DOIs
Publication statusPublished - Aug 2017
Externally publishedYes

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Keywords

  • the one percent
  • the double one percent
  • economic elites
  • income inequality
  • wealth inequality
  • inheritance
  • social mobility

Cite this

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The double one percent : identifying an elite and a super-elite using the joint distribution of income and net worth. / Keister, Lisa A.; Lee, Hang Young.

In: Research in Social Stratification and Mobility, Vol. 50, 08.2017, p. 1-12.

Research output: Contribution to journalArticleResearchpeer-review

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