Global Financial Shocks and American Elites
Income and Wealth of the One Percent in the United States, 1989 to 2022
Bibliographic Data
| ID | 3758619 |
|---|---|
| Authors | L A Keister (0000-0003-3662-8564, Duke University, corresponding author), Hang Young Lee (Macquarie University, Sydney, NSW, Australia) |
| Year | 2025 |
| Publication date | 2025-01-29 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Behavioral Scientist (JOURNAL) |
| Journal identifiers | ISSN: 0002-7642 • E-ISSN: 1552-3381 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/00027642251314628 |
| PMID | 40881315 |
| OpenAlex | W4406947091 |
| Language | EN |
| Citations received | 3 |
| References cited | 34 |
Extreme levels of inequality have drawn increasing attention to those at the top of the income and wealth distributions, and the United States is home to some of the world's most affluent and influential households. A robust literature on economic elites in the United States documented details about their incomes and wealth prior to 2019, but it is unclear how recent economic shocks affected their financial resources and the distribution of income and wealth among U.S. households more broadly. We contribute to the literatures on elite households and global political economies by exploring the association between the global economic shock that accompanied the coronavirus 2019 disease (COVID-19) pandemic and U.S. income and wealth. We use data from the 1989 to 2022 of Consumer Finances (SCF) to provide details regarding changing inequality and the incomes and wealth of the top one percent of households. We explore changes in income sources (e.g., wage, business, capital) and wealth components (e.g., real estate, financial assets) to identify reasons for changing resource composition. We study how the demographics-age and education-of the one percent have changed, and we also explore whether the double-rich-those with both top incomes and top wealth-have changed. Our results are among the first to document the current concentration of economic resources in the United States and underscore the need to incorporate global processes in understanding inequalities in major economies
Demographic economics · Development economics · Distribution (mathematics) · Economic growth · Economic inequality · Economics · Elite · Inequality · National wealth · Political science · Politics · Poverty · Real estate · Employment and Welfare Studies · Finance · Financial Literacy, Pension, Retirement Analysis · Housing, Finance, and Neoliberalism
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Wealth in America
Divested
The Sum of Small Things
Why Has CEO Pay Increased So Much?
Income Dynamics, Economic Rents, and the Financialization of the U.S. Economy
Getting Rich
Uneasy Street
The Undeserving Rich
Separate Spheres
Social Class, Gender, and Contemporary Parenting Standards in the United States
Economic Elites, Investments, and Income Inequality
Mobility, Inequality, and Beliefs About Distribution and Redistribution
One step forward? Advances and setbacks on the path toward gender equality in families and work
Household wealth and the measurement of economic well-being in the United States
This Should be My Responsibility”
The double one percent
Financialization and U.S. Income Inequality, 1970–2008
Wealth Disparities Before and After the Great Recession
Billionaire Wilderness
Pathways to the power elite
Do You Need Business Assets to Be Rich
The Buffering Effect of State Eviction and Foreclosure Policies for Mental Health during the Covid-19 Pandemic in the United States
Wealth and Stratification Processes
The Sociology of Elites
The One Percent
Wealth Inequality and Accumulation
Gender in the Elite
Educational Assortative Mating and Income Dynamics in Couples
Compensation Benchmarking, Leapfrogs, and the Surge in Executive Pay
| Unique citing works | 3 |
|---|---|
| Citations per year | 3 |
| Citation span | 2025 - 2026 (2) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 3 |