Income Concentration Record High In 2007

Income concentration among the highest income earners hit record levels in 2007, not previously seen since the eve of the Great Depression.

Year 2007 is therefore the second highest year on record since 1913 almost equalling 1928, the record year when the top percentile share reached 23.9% . . . .

Even within the top percentile, the gains from 2006 to 2007 are extremely concentrated. The top .01% (top 14,988 US families, making at least $11.5m in 2007) share increased from 5.46% in 2006 to 6.04% in 2007 leaving well behind the 1928 peak of 5.04% . . . . the top percentile captured 65% of total real income growth per family from 2002 to 2007[.]

The top 10% of income earners received about half of all income in 2007.

Of course, 2008 and 2009 serious depleted many of these high incomes and has also reduced wealth inequality.