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Understanding wealth—who has it, how they acquired it, how they preserve it—is crucial to addressing challenges facing the United States. Edward Wolff's account of patterns in the accumulation and distribution of U.S. wealth since 1900 provides a sober bedrock of facts and analysis. It will become an indispensable resource for future public debate. Edward Wolff, One Of The Country's Leading Experts On Household Wealth, Here Provides A Comprehensive Study Of Wealth In America Since 1910. The Century Brought Shifting Patterns In The Ownership Of Wealth; Wolff Explains The Changes, Offers Ideas About How To Reduce Inequality, And Explores Issues In How To Measure Wealth In The First Place. A Century Of Wealth In America Is Not Designed To Advance One Overarching Argument; Rather, Its Aim Is To Provide In One Place The Accurate Information Needed To Consider Many Arguments. Still, Wolff Presents No Fewer Than Ten Major Findings In Its Pages. One Of These Is That Median Household Wealth Has Recently Returned To The Levels Of 1969. Another Is That The Average Wealth Of Black Families Relative To White Families Has Slipped Significantly In Recent Years, After Thirty Years Of Stability. A Third Finding: The Us Has Changed Since 1950 From Being One Of The Most Equal Countries In The Developed World To Being One Of The Most Class-ridden. For Many Readers The Book Will Serve As A Complement To Thomas Piketty's Capital In The 21st Century. But While It Reinforces Piketty's Argument In Many Ways, It Concentrates On Wealth (as Opposed To Income), For Example, And Says Much More About The Poor. Wolff's Ideas Are Also Different Than Piketty's On Issues Of Inheritance (he's Less Worried About It) And The Relationship Between R (the Rate Of Return To Capital) And G (the Overall Rate Of Economic Growth). He Argues That Inequality Rises If R For The Top One Percent Is Greater Than R For The Middle Class. Finally, Thanks To Its Focus On America, The Book Provides Much More Fine-grained Detail About The Country, Not Least About The Demographics Of Wealth And Poverty.-- I. Recent Developments In Personal Wealth: Plan Of The Book And Historical Backdrop -- Trends In Household Wealth, 1962 To 2013 -- Changing Portfolio Composition And The Rate Of Return On Household Wealth -- International Comparisons Of Household Wealth Inequality -- Ii. Mechanisms Behind Changing Wealth Inequality: Deconstructing Wealth Trends, 1983-2013 -- Age-wealth Profiles And The Life Cycle Model: Implications For Wealth Accumulation -- Inheritances And The Distribution Of Wealth -- The Role Of Social Security And Private Pensions -- Iii. Who Are The Rich And The Poor?: Wealth Differences Among Socio-economic Groups -- Who Are The Rich? A Demographic Profile Of High-income And High-wealth Americans -- The Persistence Of Asset Poverty -- Iv. Wealth Over The Long Term: Long-term Trends In Aggregate Household Wealth -- Long-term Trends In The Concentration Of Household Wealth -- V. Tax Policy And Conclusion: Wealth Taxation -- Summary Of Principal Findings And Concluding Comments. Edward N. Wolff. Includes Bibliographical References And Index. "Edward Wolff, one of the country's leading experts on household wealth, here provides a comprehensive study of wealth in America since 1910. The century brought shifting patterns in the ownership of wealth; Wolff explains the changes, offers ideas about how to reduce inequality, and explores issues in how to measure wealth in the first place. A Century of Wealth in America is not designed to advance one overarching argument; rather, its aim is to provide in one place the accurate information needed to consider many arguments. Still, Wolff presents no fewer than ten major findings in its pages. One of these is that median household wealth has recently returned to the levels of 1969. Another is that the average wealth of black families relative to white families has slipped significantly in recent years, after thirty years of stability. A third finding: the US has changed since 1950 from being one of the most equal countries in the developed world to being one of the most class-ridden. For many readers the book will serve as a complement to Thomas Piketty's Capital in the 21st Century. But while it reinforces Piketty's argument in many ways, it concentrates on wealth (as opposed to income), for example, and says much more about the poor. Wolff's ideas are also different than Piketty's on issues of inheritance (he's less worried about it) and the relationship between r (the rate of return to capital) and g (the overall rate of economic growth). He argues that inequality rises if r for the top one percent is greater than r for the middle class. Finally, thanks to its focus on America, the book provides much more fine-grained detail about the country, not least about the demographics of wealth and poverty"--Provided by publisher Edward Wolff, one of the country's leading experts on household wealth, here provides a comprehensive study of wealth in America since 1910. The century brought shifting patterns in the ownership of wealth; Wolff explains the changes, offers ideas about how to reduce inequality, and explores issues in how to measure wealth in the first place. A Century of Wealth in America is not designed to advance one overarching argument; rather, its aim is to provide in one place the accurate information needed to consider many arguments. Still, Wolff presents no fewer than ten major findings in its pages. One of these is that median household wealth has recently returned to the levels of 1969. Another is that the average wealth of black families relative to white families has slipped significantly in recent years, after thirty years of stability. A third finding: the US has changed since 1950 from being one of the most equal countries in the developed world to being one of the most class-ridden. For many readers the book will serve as a complement to Thomas Piketty's Capital in the 21st Century. But while it reinforces Piketty's argument in many ways, it concentrates on wealth (as opposed to income), for example, and says much more about the poor. Wolff's ideas are also different than Piketty's on issues of inheritance (he's less worried about it) and the relationship between r (the rate of return to capital) and g (the overall rate of economic growth). He argues that inequality rises if r for the top one percent is greater than r for the middle class. Finally, thanks to its focus on America, the book provides much more fine-grained detail about the country, not least about the demographics of wealth and poverty.-- Provided by publisher Understanding wealth in the United States—who has it, how they acquired it, and how they preserve it—is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world's great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900.A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously—by 44 percent—between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal.At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate. Understanding wealth in the United Stateswho has it, how they acquired it, and how they preserve itis crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the worlds great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900. A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitouslyby 44 percentbetween 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal. At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate. Contents Preface I. Recent Developments In Personal Wealth 1. Plan Of The Book And Historical Backdrop 2. Trends In Household Wealth, 1962 To 2013 3. Changing Portfolio Composition And The Rate Of Return On Household Wealth 4. International Comparisons Of Household Wealth Inequality II. Mechanisms Behind Changing Wealth Inequality 5. Deconstructing Wealth Trends, 1983–2013 6. Age-Wealth Profiles And The Life Cycle Model: Implications For Wealth Accumulation 7. Inheritances And The Distribution Of Wealth 8. The Role Of Social Security And Private Pensions III. Who Are The Rich And The Poor? 9. Wealth Differences Among Socioeconomic Groups 10. Who Are The Rich? A Demographic Profile Of High-Income And High-Wealth Americans 11. The Persistence Of Asset Poverty IV. Wealth Over The Long Term 12. Long-Term Trends In Aggregate Household Wealth 13. Long-Term Trends In The Concentration Of Household Wealth V. Tax Policy And Conclusion 14. Wealth Taxation 15. Summary Of Principal Findings And Concluding Comments Appendix 1. Adjustments And Imputations Made To The 1962 Sfcc And 1983, 1989, 1992, And 1995 Scf Data Files Appendix 2. Construction Of The 1969 Mesp Dataset Appendix 3. Estimation Of Retirement Wealth Notes References Acknowledgments Index