“…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
“…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
“Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
“…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
“…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
“…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
“…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
“…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
“…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
“Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
“Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
“…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology

Showing 158 database articles primarily about Inequality

Currently filtering by:

Remove Inequality

Remove "primary topics only" restriction

Remove 'Database'

Show all 7,218 articles

For whatever topics you select (currently: Inequality):

Include articles that mention this topic 377

Only articles primarily about this topic 158

I’m a millionaire and it’s really hard being rich

Kirsten Fleming New York Post

Date Posted:: September 16, 2020
Is Database:: Database

@KirstenFleming US Trust study: 77% of wealthy respondents said they grew up poor or middle class, Fidelity study: 86% of wealth is self-made.

Recent studies highlight the self-made nature of wealth among the affluent, with 77% of wealthy individuals reporting they grew up in poor or middle-class households, according to a US Trust study. This underscores a significant shift in wealth creation dynamics, as evidenced by a 2019 Fidelity study indicating that 82% of wealth is self-made. These findings suggest that economic mobility remains robust, with a majority of today's wealthy individuals having ascended from modest beginnings. This trend has implications for economic policy and wealth distribution, as it challenges traditional narratives about inherited wealth and emphasizes the role of entrepreneurship and innovation in wealth accumulation. The data also reflect broader macroeconomic trends where individual effort and opportunity play crucial roles in shaping financial success, potentially influencing future policy decisions aimed at fostering economic equality and opportunity.

Links to sources showing wealthier individuals earn their money “…. Risher, who grew up in a middle-class household while her husband was raised by a single mother who struggled financially. She said newly rich individuals like herself are relatively common, citing a US Trust study in which 77% of wealthy respondents said they grew up poor*and also a 2017 Fidelity study that found 86% of wealth is self-made**….”

Kirsten Fleming, "I’m a millionaire and it’s really hard being rich,"New York Post, September 14, 2020, https://nypost.com/2020/09/14/why-one-very-rich-woman-says-we-need-to-talk-about-money/

**That Fidelity Number is correct for 2017, in the most recent 2019 version (attached) 82% of wealthwas reported being self made (the 2017 report is no longer on their website)

*Note according to the U.S. Trust survey (attached) that “77% of wealthty respondents said they grew up poor” is a misquote of the survey thatfound 19% of respondents grew up poor, and 58% grew up middle class, for 77% grew up middle or lower class. In later versions of the report they apparently didn’t ask the same question so I stuck with 2016 version .

Recent Trends in Personal Income & Wage Inequality

Jonathan Siegel and Jason Bram Office of the New York City Comptroller

Date Posted:: September 8, 2026
Is Database:: Database

Btw 2019 and 2024, pre-tax, pre-transfer real median income in New York City fell 3.2%. The top .1% tax units, ~ households, (mean income ~$24mm) saw real growth of ~25%, whereas the bottom 90% (mean income ~$45,000) fell 0.8%.

Between 2019 and 2024, the New York City’s income shares at the top of the distribution rose faster than the nation's, and nearly two-thirds of the real income growth over the period accrued to the top 1%, compared with under 40% nationally. The result also holds when volatile capital gains are excluded. Real median income fell over the period, and real average income for the bottom 90% of tax units was essentially flat. Adjusted for local prices (but not for transfer programs), the purchasing power of income for the lower 90% of New Yorkers is close to one-fifth below that of the bottom 90% nationally. The divergence at the top is predominantly a story of non-wage income. Wage and salary income shows a much milder widening, and occupational wage data that exclude bonuses show base pay growing faster in lower-wage occupations than in higher-wage ones, and within many occupational groups wages are converging rather than growing more unequal.

Takeaways by Macro Roundup^® AI

Nearly two-thirds of New York City’s real income growth from 2019–2024 accrued to the top 1%, versus under 40% nationally, driven by faster-rising capital gains, dividends, and business income rather than wage divergence.
The bottom 90% of New York City earners hold purchasing power roughly one-fifth below their national counterparts after adjusting for local prices, even before accounting for transfer programs.

US Corporate Profits Surge To Record As Worker Payouts Wilt

Myles McCormick Financial Times

Date Posted:: August 28, 2026
Is Database:: Database

Corporate profits have risen to 18% of national income, their highest share since 1947, while labor’s share has fallen to 60%, a low not seen since the 1950s. The decline in labor’s share has accelerated over the past year.

Pre-tax earnings hit an annualised $4.8tn in the second quarter, or 18% of national income, according to Bureau of Economic Analysis data, the highest share since the aftermath of the second world war. Employees’ share from wages and benefits fell to 60%, the lowest level since the 1950s. “Regardless of what measure you look at, workers, in terms of employee compensation, have been receiving an increasingly small share of national income over time,” said Abiel Reinhart, an economist at JPMorgan. The decline in labour’s share of income has gained pace in the past five years and especially over the past 12 months.

The Rise Of The Deserving Rich

Economist Staff The Economist

Date Posted:: July 24, 2026
Is Database:: Database
Is Important:: Important

An Economist analysis of the wealth of 7,000 billionaires finds that over the past decade, the share of billionaire wealth “derived from self-made entrepreneurs in competitive sectors has surged to an all-time high.”

Drawing on data from Forbes, a magazine, Hurun, a research firm, and Gapminder, a Swedish foundation, we have assembled a list of about 7,000 billionaires from the past 25 years. We call a billionaire’s wealth “uncompetitive” when it mainly comes from industries such as gambling, construction, defence, and raw materials. These sectors often depend on political access. We count inheritors in the “uncompetitive” category. From 2001, when our data begin, to 2014, the uncompetitive share of billionaire wealth rose slightly. Yet over the past decade, the share derived from self-made entrepreneurs in competitive sectors has surged to an all-time high. For the first time, half the wealth of the world’s billionaires is reasonably fairly earned. And since 2021, the total wealth derived from uncompetitive sectors has declined.

Takeaways by Macro Roundup^® AI

For the first time in the 25-year dataset, half of global billionaire wealth derives from self-made entrepreneurs in competitive sectors, marking a structural shift away from politically connected and inherited fortunes.
The uncompetitive share of billionaire wealth—spanning gambling, construction, defence, raw materials, and inheritance—rose modestly from 2001 to 2014 but has declined in absolute terms since 2021.
Inherited wealth, though typically lawfully held, represents a policy failure in wealth distribution, as heirs’ fortunes reflect birth advantage rather than competitive value creation.

Another Reason the Labor Share Keeps Falling: Taxes!

Owen Zidar and Eric Zwick The Everywhere Millionaire

Date Posted:: July 1, 2026
Is Database:: Database
Is Important:: Important

Zidar & Zwick suggest about one‑third of the post‑1970s drop in labor’s share is due to stock‑based pay to workers, in addition to the one‑third they already attribute to pass‑through income. That leaves only around one‑third for genuine shifts in technology, power, etc.

In our data for 2017, after adjustments for the rise of pass-throughs, we report employee compensation of $7.2 trillion and corporate value added of $12.2 trillion. The unadjusted corporate profits number (which excludes partnership profits) is $1.7 trillion. If we could find around $200 billion of “missing” labor compensation, that would account for about a third of the fall in the labor share since the late 1970s. Thus, if workers owned a bit above 10% of those corporate profits via stock compensation, then that would cover the difference. Distributing this amount across the top 10% of public company employees, of which there are 4.2 million, this ownership would imply an additional $40,000 or so in pay. The aggregate numbers are thus quite plausible in terms of how much pay might have shifted to corporate profits serving as tax-preferred payments to high earners.

Takeaways by Macro Roundup^® AI

$200bn in missing labor compensation since the late 1970s drives roughly one-third of the labor share decline, reflecting tax-advantaged stock.
Top 10% of public company employees ($40k additional implicit pay via equity ownership) concentrate gains that would equal $200bn aggregate.
$12.2tn corporate value added vs. $7.2tn employee compensation reveals labor’s shrinking claim on output, as tax-preferred equity arrangements redirect worker.

Do Past Wealth Gaps Explain Modern Inequality? Evidence From Immigration To The United States

Brian Marein Wake Forest University

Date Posted:: June 30, 2026
Is Database:: Database
Is Important:: Important

Except possibly at the very top of the distribution which SIPP cannot measure, the wealth of “new” Southern and Eastern European immigrants to the US has fully caught up with “old” immigrants. Wealth converges quickly once earnings inequality vanishes.

Inferring the determinants of long-run inequality from group-level data is complicated by the arrival of 30 million Europeans during the Age of Mass Migration (roughly 1850 to 1924), who are by construction included in average white wealth despite having no direct claim to the wealth accumulated by earlier Americans. By1920, nearly half of white adults were either foreign-born or had foreign-born parents. Using the United States Immigration Commission Reports (commonly known as the Dillingham Commission Reports), I document that immigrants at the turn of the twentieth century arrived with almost no wealth. [Thus] a large share of the white population started from a substantial wealth disadvantage. Northwestern Europeans comprised the overwhelming majority of earlier immigrants, dating back to the initial European settlement of North America, while Southern and Eastern Europeans predominated at the turn of the twentieth century. If initial wealth disadvantages persisted across generations, one would expect households of Southern or Eastern European ancestry to possess less wealth than those of Northwestern European ancestry, since their families arrived later and started with substantially fewer resources. In fact, they do not. On average, they are wealthier.

Takeaways by Macro Roundup^® AI

By 1920, 50% of white adults were foreign-born or had foreign-born parents, yet Southern and Eastern European descendants achieved wealth.
European immigrants arrived at the turn of the twentieth century with nearly zero wealth, yet their descendants’ wealth distributions converged.
White ancestry groups exhibit nearly identical wealth distributions by 1980–1990 despite staggered arrival times spanning 270+ years, while Black, Cuban.

The Great $110 Trillion Wealth Transfer Won’t Happen Any Time Soon

Rachel Louise Ensign and James Benedict Wall Street Journal

Date Posted:: May 5, 2026
Is Database:: Database

The age at which Americans are inheriting money has risen. According to Federal Reserve surveys, btw 1998 and 2010, Americans in their late 50s were most likely to report receiving an inheritance; by 2013–2022, that age had ticked up to the mid 60’s.

Fed data [indicates] that what is known as the bequeathable wealth rose from 256% of gross domestic product in 1997 to 424% in 2021, the last year of available data. A staggering 97% of that increase was due to wealth gains in households where the head of household was 55 or older. Older Americans may keep accumulating wealth, especially if the stock market keeps rising. But some will spend it on living costs and expensive long-term care, leaving less for heirs. When they die, many will leave their money to their spouses, who are often in their same generation. This year, around $1.3 trillion is expected to be passed onto spouses, compared with about $2 trillion to heirs in Gen X and younger generations, according to projections from research firm Cerulli Associates.

Takeaways by Macro Roundup^® AI

Bequeathable wealth surged to 424% of GDP in 2021 from 256% in 1997, with 97% of gains concentrated in households.
The wealthiest 10% of households age 55+ captured 75% of total bequeathable wealth gains since 1997, resulting in widening inequality.
Boomers accumulated $1tn+ in wealth during Q4 alone, outpacing all other generational groups, as stock and business valuations drive outsized.

@KirstenFleming US Trust study: 77% of wealthy respondents said they grew up poor or middle class, Fidelity study: 86% of wealth is self-made.

Btw 2019 and 2024, pre-tax, pre-transfer real median income in New York City fell 3.2%. The top .1% tax units, ~ households, (mean income ~$24mm) saw real growth of ~25%, whereas the bottom 90% (mean income ~$45,000) fell 0.8%.

Is capital income concentration widening faster in major cities than nationally?

Takeaways by Macro Roundup® AI

Related Articles:

Corporate profits have risen to 18% of national income, their highest share since 1947, while labor’s share has fallen to 60%, a low not seen since the 1950s. The decline in labor’s share has accelerated over the past year.

Are record corporate profits coming at workers' expense?

Related Articles:

An Economist analysis of the wealth of 7,000 billionaires finds that over the past decade, the share of billionaire wealth “derived from self-made entrepreneurs in competitive sectors has surged to an all-time high.”

Does self-made wealth now dominate billionaire fortunes globally?

Takeaways by Macro Roundup® AI

Related Articles:

Zidar & Zwick suggest about one‑third of the post‑1970s drop in labor’s share is due to stock‑based pay to workers, in addition to the one‑third they already attribute to pass‑through income. That leaves only around one‑third for genuine shifts in technology, power, etc.

Does tax-preferred stock compensation explain the labor share decline?

Takeaways by Macro Roundup® AI

Related Articles:

Except possibly at the very top of the distribution which SIPP cannot measure, the wealth of “new” Southern and Eastern European immigrants to the US has fully caught up with “old” immigrants. Wealth converges quickly once earnings inequality vanishes.

Does initial wealth explain persistent inequality across immigrant groups?

Takeaways by Macro Roundup® AI

Related Articles:

The age at which Americans are inheriting money has risen. According to Federal Reserve surveys, btw 1998 and 2010, Americans in their late 50s were most likely to report receiving an inheritance; by 2013–2022, that age had ticked up to the mid 60’s.

Will the concentration of inherited wealth impact economic equality?

Takeaways by Macro Roundup® AI

Related Articles:

Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI