Top 1 Percent Is Even Richer Than Surveys Say, ECB Paper Finds

Top 1 Percent Is Even Richer Than Surveys Say, ECB Paper Finds - Yahoo Finance

The oft-cited line that the top 1
percent of U.S. households lay claim to 30 percent of all wealth is
probably an understatement, according to a European Central Bank working
paper.

Incorporating
"missed" data on rich households pushes the share of wealth held by top
earners up to between 35 percent and 37 percent, wrote Philip Vermeulen,
a senior economist at the ECB. That's higher than the 34 percent
suggested by the 2010 U.S. Survey of Consumer Finances data from the
Federal Reserve.