Finance and Economics Discussion Series: Accessible versions of figures for 2018-024

How much has wealth concentration grown in the United States? A re-examination of data from 2001-2013

Accessible version of figures

Figure 1: Share of wealth held by top 1 percent of families in SCF and capitalized from income tax data.

Source: Federal Reserve Board, Survey of Consumer Finances, Saez and Zucman (2016).

Year SCF bulletin SCF + DB pension SZ
2001 32.6 29.3 33.2
2002     31.8
2003     32.3
2004 33.4 30.1 33.4
2005     34
2006     34.4
2007 33.8 30.7 34.8
2008     37.3
2009     38.7
2010 34.5 30.3 40
2011     40.3
2012     42
2013 36.3 31.8  

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Figure 2: Rate of return on interest-bearing assets, ratio of wealthiest to overall.

Source: Survey of Consumer Finances, SOI (INSOLE), Saez and Zucman (2016).

Year SCF assets, admin income SCF assets, SCF income Estate tax assets, admin income
1996     1.16
1997     1.10
1998   1.28 1.10
1999     1.09
2000     0.99
2001   0.93 0.98
2002     1.02
2003     1.20
2004 1.21 1.09 1.17
2005     1.31
2006     1.23
2007 1.27 1.51 1.17
2008     1.38
2009     1.25
2010 1.42 1.21 1.42
2011     1.45
2013 1.32 1.42  
2016 1.52 1.48  

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Figure 3: Wealth concentration using several alternate heterogeneous rates of return by wealth.

Source: Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations.

Year Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury
2002 32.1 31.9 32.3 30.9 30.4
2003 32.7 31.7 32.8 30.5 30.5
2004 33.8 32.8 32.9 30.7 30.6
2005 34.7 33.2 34.3 31.7 31.4
2006 35.4 34.1 33.4 34.5 32.6
2007 36.4 35.4 34.7 35.9 33.8
2008 38.2 35.8 34.7 35.9 35
2009 39 36.8 35.9 34.8 34
2010 40.2 36.9 35.5 34.5 33.9
2011 40.5 37 34.7 33.8 33.9
2012 42.3 38.9 37 37.8 37.4

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Figure 4: Wealth concentration in capitalized income tax model, by rate of return assumptions.

Source: Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations.

Year Homogeneous rate of return (RoR) on all assets Heterogeneous RoR on interest assets by income Heterogeneous RoR on interest assets by int inc Heterogeneous RoR on interest assets by wealth
2002 32.1 31.2 30.6 30.4
2003 32.7 31.5 30.7 30.5
2004 33.8 32.2 30.9 30.6
2005 34.7 33 31.7 31.4
2006 35.4 33.7 32.8 32.6
2007 36.4 34.8 34.1 33.8
2008 38.2 36.6 35.2 35
2009 39 36.7 34.4 34
2010 40.2 37.5 34.4 33.9
2011 40.5 38 34.5 33.9
2012 42.3 40.4 37.7 37.4

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Figure 5: SCF wealth concentration estimates including Forbes wealth, tax units.

Source: Survey of Consumer Finances, authors' calculations

Year SCF + DB SCF + DB + Forbes SCF + DB + Forbes, tax units
2001 29.3 30.4 33.6
2004 30.1 31.2 34.2
2007 30.7 31.8 35.2
2010 30.3 31.2 34.7
2013 31.8 32.9 36.6

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Figure 6: Wealth concentration in SCF data and capitalized income data.

Source: Survey of Consumer Finances, Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations.

Year SCF + DB + Forbes, tax units Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury
2001 33.6          
2002   32.1 31.9 32.3 30.9 30.4
2003   32.7 31.7 32.8 30.5 30.5
2004 34.2 33.8 32.8 32.9 30.7 30.6
2005   34.7 33.2 34.3 31.7 31.4
2006   35.4 34.1 33.4 34.5 32.6
2007 35.2 36.4 35.4 34.7 35.9 33.8
2008   38.2 35.8 34.7 35.9 35
2009   39 36.8 35.9 34.8 34
2010 34.7 40.2 36.9 35.5 34.5 33.9
2011   40.5 37 34.7 33.8 33.9
2012   42.3 38.9 37 37.8 37.4
2013 36.6          

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Figure 7: Wealth concentration in SCF data, capitalized income data, and estate tax data.

Source: Survey of Consumer Finances, Public Use File (SOI), Saez (2016) top-up of PUF data, Saez and Sucman (2016), and authors' calculations.

Year SCF + DB + Forbes, tax units Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury Estate tax (individual level)
2001 33.6           23.5
2002   32.1 31.9 32.3 30.9 30.4 21.9
2003   32.7 31.7 32.8 30.5 30.5 21.9
2004 34.2 33.8 32.8 32.9 30.7 30.6 19.4
2005   34.7 33.2 34.3 31.7 31.4 20.9
2006   35.4 34.1 33.4 34.5 32.6 20
2007 35.2 36.4 35.4 34.7 35.9 33.8 20.1
2008   38.2 35.8 34.7 35.9 35 20.2
2009   39 36.8 35.9 34.8 34  
2010 34.7 40.2 36.9 35.5 34.5 33.9  
2011   40.5 37 34.7 33.8 33.9  
2012   42.3 38.9 37 37.8 37.4  
2013 36.6            

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Figure 8: Range of estimates of wealth concentration: SCF and capitalized income tax data.

Source: Survey of Consumer Finances, Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations.

Year SZ SZinf SZsup SCF SCFinf SCFsup estate
2001 nan nan nan 33.3 31.9 34.7 23.5
2002 32.1 30.4 32.3       21.9
2003 32.7 30.5 32.8       21.9
2004 33.8 30.6 33.8 33.7 32.3 35.1 19.4
2005 34.7 31.4 34.7       20.9
2006 35.4 32.6 35.4       20
2007 36.4 33.8 36.4 35.3 33.8 36.8 20.1
2008 38.2 34.7 38.2       20.2
2009 39 34 39        
2010 40.2 33.9 40.2 34.7 33.1 36.3  
2011 40.5 33.9 40.5        
2012 42.3 37 42.3        
2013       36.6 34.7 38.5  

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Figure 9: Range of estimates of wealth concentration: SCF and heterogeneous capitalized income tax data.

Source: Survey of Consumer Finances, Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations.

Year SZ SZinf SZsup SCF SCFinf SCFsup estate
2001 nan nan nan 33.3 31.9 34.7 23.5
2002 32.1 30.4 32.3       21.9
2003 32.7 30.5 32.8       21.9
2004 33.8 30.6 32.8 33.7 32.3 35.1 19.4
2005 34.7 31.4 34.3       20.9
2006 35.4 32.6 34.1       20
2007 36.4 33.8 35.6 35.3 33.8 36.8 20.1
2008 38.2 34.7 35.8       20.2
2009 39 34 36.8        
2010 40.2 33.9 36.9 34.7 33.1 36.3  
2011 40.5 33.9 37        
2012 42.3 37 37.8        
2013       36.6 34.7 38.5  

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Figure 10: Share of wealth held by top 1 percent: SCF and capitalization model with INSOLE income data.

Source: INSOLE, Statistics of Income, authors' calculations.

Year SCF + DB + Forbes, tax units Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury
2001 33.6          
2004 34.2          
2005   36 34.3 35.3 34.3 32.7
2007 35.2          
2008   39.4 36.8 35.8 36.9 36.1
2010 34.7          
2011   40.6 37.2 35.1 34.2 34.4
2013 36.6 40 36.4 34 34 33

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Figure 11: Share of wealth held by top 1 percent: SCF and capitalization model with INSOLE income data.

Source: INSOLE, Statistics of Income, authors' calculations

Year SCF + DB + Forbes, tax units Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury
2001 33.6          
2004 34.2          
2005   36 34.3 35.3 34.3 32.7
2007 35.2          
2008   39.4 36.8 35.8 36.9 36.1
2010 34.7          
2011   40.6 37.2 35.1 34.2 34.4
2012   42.2 38.4 36.7 37.4 37
2013 36.6 40 36.4 34 34 33

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Figure 12: Range of wealth concentration estimates when using permanent income and annual income.

Source: INSOLE, Statistics of Income, authors' calculations

Year SZestate SZestateinf SZestatesup SZ10 SZ10inf SZ10sup
2005 34.3 32.8 34.3 32.7 31.4 32.7
2008 36.8 36.8 37.3 36.1 36.1 36.5
2011 37.2 37.2 37.8 34.4 34.4 34.8
2013 36.3 36.3 37 33 33 33.5

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Figure 13: Top tail of public SCF and Forbes wealth data.

Figure 13 is a one panel figure that shows the empirical distribution of the wealth of SCF families in the top tail of the wealth distribution, and the wealth in the Forbes 400. The horizontal axis is wealth (in millions of Euros) and the vertical axis is the probability that a given data point is greater than the horizontal axis wealth value. The blue dots are SCF data and the blue tick marks (“+”) are the Forbes wealth data.

The blue dots begin at the upper left corner, and continue toward the bottom-right corner in a fairly linear fashion. When wealth on the horizontal axis is about 100 million, the dots begin to trail toward the horizontal axis. At about the same point on the horizontal axis, the blue tick marks begin, and continue toward the lower right hand side. The blue dots and the blue tick marks both populate the area between about 700 million and 1 billion on the horizontal axis, but aside from that, the blue dots and blue tick marks occupy distinct areas of the horizontal axis.

There are also three lines. The solid line shows the linear interpolation of the SCF survey data points. The dashed line shows the linear interpolation of the SCF survey data points and the Forbes data points. Both run from the upper left corner to the lower right corner. A dotted line is also displayed, showing an alternative parameterization, and this line lies above the other lines at all points in the distribution.

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Figure 14: Share of wealth held by top 0.1 percent: SCF and capitalization model with PUF income data.

Source: Survey of Consumer Finances, Public Use File (SOI), Saez (2016) top-up of PUF data, and authors' calculations

Year SCF (incl. DB, Forbes, tax units) SCF (incl. DB, Forbes, tax units, FA values) Homogeneous rate of return (RoR) on all assets Heterog. RoR on interest assets: estate tax Heterog. RoR on interest assets: SCF Heterog. RoR on interest assets: SCF-INSOLE Heterog. RoR on interest assets: 10-year Treasury
2001 12.2 13.4          
2002     14.4 14.3 14.6 13.8 13.5
2003     14.7 14.1 14.8 13.4 13.4
2004 13 14.2 15.7 15.1 15.1 13.8 13.7
2005     16.4 15.4 16.1 14.4 14.3
2006     16.8 16 15.5 16.2 15
2007 14 15.6 17.8 17.1 16.7 17.5 16.2
2008     18.9 17.4 16.8 17.5 17
2009     19.5 18.2 17.7 16.9 16.5
2010 13.6 15.5 20.8 18.7 17.8 17.2 16.8
2011     20.6 18.5 17 16.4 16.5
2012     22.2 19.9 18.7 19.2 18.9
2013 15.2 17          

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