The Return of the Super-Elite

New research reveals inequality levels not seen in a century — and it shows where these new super-elites live, too.

Miami Beach, FL. Jimmy Smith / Flickr


American economic inequality hit a historic peak in 1928, when the country’s richest 1 percent captured nearly a quarter of the nation’s total income. But now, in thirty American metro areas and five whole states, the 1 percent has broken that previous record — and in some cases has doubled it.

Economists Estelle Sommeiller and Mark Price released a paper last week through the Economic Policy Institute titled “The new gilded age: Income inequality in the U.S. by state, metropolitan area, and county.” Their research concludes that, on average, the income of America’s 1 percent is twenty-six times higher than the average of the bottom 99 percent.

When we consider that the bottom 99 percent includes some people who make a huge amount of money — Sommeiller and Price find that a yearly salary of $700,000 in Connecticut puts you in the 99 percent, for example — a picture begins to emerge of a breakaway category of the super-elite, whose personal fortunes dwarf those of even average millionaires.

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