A new study says rich Americans are even better off than we thought. The top 1% earners were estimated before to control 30% of the country’s wealth but it seems that number could be closer to 37%
A new working paper from European Central Bank senior economist Philip Vermeulen claims 30% is low for the estimate of the net worth of the nation’s best because wealthier households are less likely to respond to surveys about their possessions than lower – income families.
Vermeulen analyzed data from Forbes’ billionaire’s lists to estimate the share of the 1% is in fact between 35% and 37%.
“Our knowledge of the wealth distribution is less than perfect,” Vermeulen writes in the paper.
“Our results clearly indicate that survey wealthy estimates are very likely to underestimate wealth at the top.”
What do you think?