Some interesting data points via Harvard professor Greg Mankiw's blog via an abstract utilizing data through 2005. I actually skimmed the source material and it's an interesting read, will have to return to it this weekend when time allows. For fun (or as a sign of our times) Mankiw showed the source of income for the top 0.1%. I'm a bit suspicious on the very low (6%) of those not working at all, as at some point you amass so much wealth just living off dividends should be enough to sustain a good lifestyle. I also did not see socialite listed as an occupation so apparently Paris Hilton was not part of the study. I was surprised at how low media/entertainment/sports came in on the list….
Some highlights from Table 3 about the top 0.1 percent:
- 18 percent are financial professionals.
- 42 percent are executives, managers, or supervisors in nonfinancial businesses. More than half of those are in closely-held (presumably often small) businesses.
- 7 percent are lawyers.
- 6 percent are in medicine.
- 3 percent are in arts, media, or sports.
- Less than 1 percent are professors or scientists.
Here is the source material if you are a data wonk like I am.
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