In the first quarter of 2024, almost two-thirds percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Income inequality in the U.S. Despite the idea that the United States is a country where hard work and pulling yourself up by your bootstraps will inevitably lead to success, this is often not the case. In 2023, 7.4 percent of U.S. households had an annual income under 15,000 U.S. dollars. With such a small percentage of people in the United States owning such a vast majority of the country’s wealth, the gap between the rich and poor in America remains stark. The top one percent The United States follows closely behind China as the country with the most billionaires in the world. Elon Musk alone held around 219 billion U.S. dollars in 2022. Over the past 50 years, the CEO-to-worker compensation ratio has exploded, causing the gap between rich and poor to grow, with some economists theorizing that this gap is the largest it has been since right before the Great Depression.

In 2023, just over 50 percent of Americans had an annual household income that was less than 75,000 U.S. dollars. The median household income was 80,610 U.S. dollars in 2023. Income and wealth in the United States After the economic recession in 2009, income inequality in the U.S. is more prominent across many metropolitan areas. The Northeast region is regarded as one of the wealthiest in the country. Maryland, New Jersey, and Massachusetts were among the states with the highest median household income in 2020. In terms of income by race and ethnicity, the average income of Asian households was 94,903 U.S. dollars in 2020, while the median income for Black households was around half of that figure. What is the U.S. poverty threshold? The U.S. Census Bureau annually updates its list of poverty levels. Preliminary estimates show that the average poverty threshold for a family of four people was 26,500 U.S. dollars in 2021, which is around 100 U.S. dollars less than the previous year. There were an estimated 37.9 million people in poverty across the United States in 2021, which was around 11.6 percent of the population. Approximately 19.5 percent of those in poverty were Black, while 8.2 percent were white.

In 2022 the top one percent of earners in the United Kingdom accounted for around 10.2 percent of the overall national income of the UK. The share of national income earned by the top one percent increased from 6.8 percent in 1980 to a peak of 14.8 percent in 2007.

This table presents income shares, thresholds, tax shares, and total counts of individual Canadian tax filers, with a focus on high income individuals (95% income threshold, 99% threshold, etc.). Income thresholds are geography-specific; for example, the number of Nova Scotians in the top 1% will be calculated as the number of taxfiling Nova Scotians whose total income exceeded the 99% income threshold of Nova Scotian tax filers. Different definitions of income are available in the table namely market, total, and after-tax income, both with and without capital gains.

Graph and download economic data for Net Worth Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBLT01026) from Q3 1989 to Q4 2024 about net worth, wealth, percentile, Net, and USA.

This statistic represents the tax burden of the leading one percent in the U.S. in 2018, by state. The tax rate is the total average state and local taxes as a percentage of income. In 2018, the leading one percent in California paid around 12.4 percent of their family income as tax.

Graph and download economic data for Median Personal Income in the United States (MEPAINUSA646N) from 1974 to 2023 about personal income, personal, median, income, and USA.

Graph and download economic data for Households and Nonprofit Organizations; Net Worth as a Percentage of Disposable Personal Income, Level (HNONWPDPI) from Q4 1946 to Q4 2024 about net worth, disposable, nonprofit organizations, personal income, Net, percent, personal, households, income, and USA.

Many studies have used tax data to measure the U.S. income distribution, but their results vary widely. For example, in 2014 the top 1 percent share of income is 21.5 percent in Piketty and Saez (2003 and updates), 16.7 percent in the Congressional Budget Office (2018), and 13.1 percent in our analysis. What accounts for such large differences? We provide a step-by-step analysis of how methodological differences affect the results and address issues raised in Piketty, Saez, and Zucman (2018, 2019). Important differences include accounting for declining marriage rates, including social insurance and employer benefits, accounting for tax reforms, and including income missing from tax returns.

Dataset

This dataset was created by Ravi_kr

Contents

In the third quarter of 2024, the top ten percent of earners in the United States held over 67 percent of total wealth. This is fairly consistent with the second quarter of 2024. Comparatively, the wealth of the bottom 50 percent of earners has been slowly increasing since the start of the 2010s, though remains low. Wealth distribution in the United States by generation can be found here.

Australia Percentage of Households: One Family: Other: Source of Income: Wages And Salaries data was reported at 71.700 % in 2020. This records an increase from the previous number of 68.600 % for 2018. Australia Percentage of Households: One Family: Other: Source of Income: Wages And Salaries data is updated yearly, averaging 72.150 % from Jun 2003 (Median) to 2020, with 10 observations. The data reached an all-time high of 79.500 % in 2003 and a record low of 68.600 % in 2018. Australia Percentage of Households: One Family: Other: Source of Income: Wages And Salaries data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.H040: Survey of Income and Housing: Percentage of Households: by Source of Income.

Graph and download economic data for Households and Nonprofit Organizations; Total Financial Assets as a Percentage of Disposable Personal Income, Level (BOGZ1FL154090006Q) from Q4 1946 to Q4 2024 about disposable, nonprofit organizations, personal income, percent, assets, personal, households, income, and USA.

Income of individuals by age group, sex and income source, Canada, provinces and selected census metropolitan areas, annual.

About this dataset

Context

The dataset presents median household incomes for various household sizes in Watson, New York, as reported by the U.S. Census Bureau. The dataset highlights the variation in median household income with the size of the family unit, offering valuable insights into economic trends and disparities within different household sizes, aiding in data analysis and decision-making.

Key observations

• Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Watson town did not include 6, or 7-person households. Across the different household sizes in Watson town the mean income is $84,484, and the standard deviation is $29,838. The coefficient of variation (CV) is 35.32%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
• In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $42,224. It then further increased to $104,038 for 5-person households, the largest household size for which the bureau reported a median household income.

https://i.neilsberg.com/ch/watson-ny-median-household-income-by-household-size.jpeg" alt="Watson, New York median household income, by household size (in 2022 inflation-adjusted dollars)">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Household Sizes:

• 1-person households
• 2-person households
• 3-person households
• 4-person households
• 5-person households
• 6-person households
• 7-or-more-person households

Variables / Data Columns

• Household Size: This column showcases 7 household sizes ranging from 1-person households to 7-or-more-person households (As mentioned above).
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific household size.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Watson town median household income. You can refer the same here

This statistic shows the share of overall income held by the richest 1 percent of each country in 2005. The richest top percent of U.S. citizens had an income share of 17.4 percent of the country's total income. Since 1949, the U.S. has experienced a leap in inequality while an equally marked drop has occurred in the Netherlands.

Graph and download economic data for Minimum Wealth Cutoff for the Top 0.1% (99.9th to 100th Wealth Percentiles) (WFRBLTP1311) from Q3 1989 to Q3 2022 about wealth, percentile, and USA.

Graph and download economic data for Net Worth Held by the Bottom 50% (1st to 50th Wealth Percentiles) (WFRBLB50107) from Q3 1989 to Q4 2024 about net worth, wealth, percentile, Net, and USA.

Graph and download economic data for Income Before Taxes: Wages and Salaries by Quintiles of Income Before Taxes: Lowest 20 Percent (1st to 20th Percentile) (CXU900000LB0102M) from 1984 to 2023 about percentile, salaries, tax, wages, income, and USA.