The series constructed in this excel sheet are based primarily on income tax statistics.

Full details on the construction of the se

http://emlab.berkeley.edu/users/saez/piketty-saezOUP04US.pdf
Brief explanation of the series

Top groups (such as the top 1%) are defined relative to all families in the US population (irrespective of whether the family files
A family is defined as a tax unit (such as couple and dependents, or a head of household with dependents, or a single person)
A family can be smaller than a household (a household is defined as all individuals living in the same unit such as two roomma
In 2004, there were 143.982 million families in the US population and 132.385 million tax returns filed.

Income is defined as annual gross income reported on individual tax returns excluding capital gains and all government transfe
(such as Social Security, Unemployment Benefits, Welfare Payments, etc.) and before individual income taxes and
employees' payroll taxes.

Tax filers are ranked by income in order to define top groups such as the top 10%, top 5%, .., top 0.01%.
Top income shares are estimated as income accruing to a given top group divided by total personal income in the US economy
For recent years, total personal income is defined as total income reported on tax returns (same definition as above) and assu
(most non filers are retirees with only Social Security income and hence no market income according to our definition).
Top income share series and income levels and thresholds are reported in Table A1 and Table A4.
We also provide top income shares based on:
1) income including capital gains (but ranking families based on income excluding capital gains), Tables A2 and A5.
2) income including capital gains and ranking families based on income including capital gains, Tables A3 and A6.

Because capital gains are such a volatile component and tend to be realized in a lumpy way, we focus primarily on series exclu
Series including capital gains are useful to assess the sensitivity of the results to including capital gains (see Figure A2).

Top wage income share series are based on wage income reported on individual tax returns. Top groups are defined relative to
income. Tax filers are ranked by size of wage income.
Data and updates:

Individual tax statistics data are created and released by the Internal Revenue Service (IRS). Most statistics are available at:
http://www.irs.gov/taxstats/index.html
The timing of data release has been the following in recent years:
1) IRS publishes preliminary statistics for incomes earned in year t in April, year t+2 (displaying # tax filers, income, and compo
2) IRS publishes final statistics for income earned in year t in November, year t+2 (displaying # tax filers, income, and composi
3) IRS releases a large micro dataset of individual tax returns for incomes earned in year t in year t+3 (the most recent data av

The Social Security Administration (SSA) releases a detailed distribution of individual wage income (based on W2 forms) for ye
http://www.ssa.gov/OACT/COLA/awidevelop.html (top left corner)

In April of year 2006, we used the preliminary IRS statistics to extend the top income share and composition series up to year 2
using the final tabulated statistics published by IRS for year 2003, and update estimates up to year 2001 using the more flexibl
We also updated the wage income share series using the SSA series released for year 2004.
Future updates:

As reported in the press, the surge in tax revenue in 2006 suggests that top incomes have continued to surge in 2005. Therefo
Unfortunately, data for year 2005 will not be available before April 2007. We will update series to 2005 then.

ails on the construction of the series are provided in appendix of Piketty and Saez (2006), available online at:

ective of whether the family files an individual tax return).

dependents, or a single person).
same unit such as two roommates, etc.)

gains and all government transfers

al income taxes and

sonal income in the US economy.

me definition as above) and assuming that non filers earn 20% of average income of filers.
ording to our definition).

s), Tables A2 and A5.

, Tables A3 and A6.

we focus primarily on series excluding capital gains.

ital gains (see Figure A2).

op groups are defined relative to the total number of US families earning positive wage

Most statistics are available at:

g # tax filers, income, and composition of income by AGI brackets up to bracket $200,000+)
tax filers, income, and composition of income by AGI brackets up to bracket $10,000,000+)
ear t+3 (the most recent data available are for 2002).

ome (based on W2 forms) for year t in January year t+2 at:

d composition series up to year 2004, update the previous estimates for year 2003
year 2001 using the more flexible micro-data.

tinued to surge in 2005. Therefore, 2005 estimates should be particularly interesting to monitor.
to 2005 then.

TABLE 1.
Thresholds and Average Incomes in Top Income Groups in 2004

Percentile
threshold
(1)

Income
threshold
(2)

Income Groups
(3)

Number of tax
units
(4)

Average
income in each
group
(5)

Full Population

143,982,000

$44,512

Median

$26,276

Bottom 90%

129,583,800

$28,236

Top 10%
Top 5%
Top 1%
Top .5%
Top .1%
Top .01%

$92,315
$123,408
$276,945
$407,591
$1,128,525
$5,019,015

Top 10-5%
Top 5-1%
Top 1-0.5%
Top 0.5-0.1%
Top 0.1-0.01%
Top 0.01%

7,199,100
5,759,280
719,910
575,928
129,584
14,398

$106,037
$164,528
$326,720
$622,949
$2,015,910
$12,775,016

Notes: Sources is Table A0 and Table A4, row 2004. Computations based on income tax return statistics.
Income defined as annual gross income reported on tax returns excluding capital gains and all government transfers
(such as Social Security, Unemployment Benefits, Welfare Payments, etc.) and before individual income taxes and
employees' payroll taxes. Amounts are expressed in current 2004 dollars.
Column (2) reports the income thresholds corresponding to each of the percentiles in column (1). For example,
an annual income of at least $92,315 is required to belong to the top 10% tax units, etc.

Table 2: Shares of each occupation within the top 1% in 1916

Fractiles
(1)
P99-99.5
P99.5-99.9
P99.9-99.99
P99.99-99.999
P99.999-100

Number of tax
Salaried
units
Professions
(2)
(3)
198,950
159,160
35,811
3,581
398

30.5%
22.1%
16.2%
12.0%
8.0%

Independent
Professions
(4)

Business
Owners
(5)

Capitalists
and Rentiers
(6)

19.0%
14.0%
8.0%
5.1%
3.1%

30.3%
35.8%
39.7%
42.6%
33.2%

20.2%
27.9%
45.2%
65.4%
94.6%

Notes: Computations based on interpolations from Statistics of Income, 1916, Table 6c, pp. 126-137.
Salaried Professions defined as accounting profession (accountants, statisticians, actuaries, etc.), engineers,
clergymen, public service: civil and military, teachers, corporation officials, and all other employees.
Independent professions defined as architects, artists, authors, clergymen, lawyers and judges, medical profession,
theatrical profession, all other professions, profession not stated, commercial travelers, and sportsmen.
Business owners defined as farmers, hotel proprietors and restaurateurs, insurance agents, labor skilled and unskilled,
lumbermen, manufacturers, merchants and dealers, mine owners and operators, saloon keepers, theatrical business
owners, all other business, and business not stated.
Capitalists and Rentiers defined as bankers, real-estate brokers, stock and bond brokers, insurance brokers,
all other brokers, and capitalists: investors and speculators.

Table A0: Reference totals for tax units and income

Year
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

Tax units
(1)
(2)
(3)
N. tax units N. tax returns (2)/(1)
(thousands) (thousands)
(%)
37,701
358
0.9
38,513
358
0.9
39,154
337
0.9
39,790
437
1.1
40,387
3,473
8.6
40,451
4,425
10.9
41,052
5,333
13.0
41,909
7,260
17.3
42,835
6,662
15.6
43,543
6,787
15.6
44,409
7,698
17.3
45,384
7,370
16.2
46,190
4,171
9.0
46,940
4,138
8.8
47,723
4,102
8.6
48,445
4,071
8.4
49,085
4,044
8.2
49,750
3,708
7.5
50,462
3,226
6.4
51,117
3,877
7.6
51,757
3,724
7.2
52,430
4,094
7.8
53,147
4,575
8.6
53,844
5,413
10.1
54,539
6,350
11.6
55,342
6,204
11.2
56,181
7,633
13.6
57,115
14,665
25.7
57,392
25,855
45.0
57,736
36,538
63.3
58,250
43,602
74.9
58,656
46,920
80.0
58,997
49,933
84.6
59,297
52,817
89.1
60,118
55,099
91.7
60,825
52,072
85.6
61,537
51,814
84.2
62,446
53,060
85.0
63,060
55,447
87.9
63,684
56,528
88.8
64,273
57,838
90.0
64,928
56,747
87.4
65,589
58,250
88.8
66,257
59,197
89.3
66,947
59,825
89.4
67,546
59,085
87.5
68,144
60,272
88.4
68,681
61,028
88.9
69,997
61,499
87.9

Income (excluding capital gains)

(4)
(5)
Total income Average income
(millions $)
(2004 $)
27,631
13,995
27,948
13,680
28,974
13,811
34,456
15,021
41,827
15,302
46,568
14,488
53,164
14,185
56,062
12,653
45,162
11,167
48,547
12,603
56,061
14,018
56,717
13,849
59,774
13,991
61,992
14,138
62,292
14,244
63,691
14,535
67,280
15,154
60,240
13,730
50,560
12,458
38,640
10,478
36,160
10,205
41,600
11,208
46,800
12,135
52,560
13,319
57,840
13,968
52,960
12,848
56,480
13,689
60,720
14,333
74,880
16,752
96,880
19,462
119,920
22,506
121,394
22,246
122,236
21,770
134,199
21,917
150,262
21,158
166,779
21,531
165,006
21,269
182,539
22,957
204,931
23,653
218,232
24,405
231,799
25,481
232,475
25,171
250,047
26,909
269,693
28,306
283,500
28,425
284,838
27,562
306,745
29,188
318,030
29,552
331,239
29,901

Income (including capital gains)

(6)
(7)
Total income Average income
(millions $)
(2004 $)
27,631
13,995
27,948
13,680
28,974
13,811
35,008
15,261
42,193
15,436
46,912
14,595
54,238
14,471
57,200
12,910
45,616
11,280
49,600
12,877
57,315
14,332
58,414
14,264
63,292
14,815
64,895
14,799
65,814
15,049
69,384
15,834
72,489
16,327
61,814
14,089
51,113
12,594
38,778
10,515
36,770
10,377
42,030
11,324
47,761
12,385
54,484
13,807
58,544
14,138
53,871
13,069
57,273
13,881
61,478
14,511
75,834
16,965
97,611
19,609
121,643
22,829
123,167
22,571
126,405
22,513
140,365
22,924
154,580
21,766
171,142
22,095
168,147
21,674
188,313
23,683
210,812
24,332
223,149
24,955
235,829
25,924
239,088
25,887
259,426
27,918
278,560
29,236
290,399
29,117
293,415
28,392
319,178
30,371
328,547
30,529
346,390
31,269

Inflation
(8)
CPI
( p(2004)/p(n) )
19.0958
18.8508
18.6641
17.3459
14.7750
12.5852
10.9532
9.4587
10.5920
11.3042
11.1043
11.0822
10.8119
10.7048
10.9121
11.0559
11.0559
11.3394
12.4335
13.8612
14.6061
14.1258
13.7813
13.6449
13.1707
13.4258
13.6164
13.4816
12.8396
11.5986
10.9318
10.7490
10.5074
9.6842
8.4652
7.8527
7.9320
7.8535
7.2785
7.1218
7.0653
7.0301
7.0584
6.9541
6.7124
6.5359
6.4841
6.3819
6.3188

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

71,254
72,464
73,660
74,772
75,831
76,856
77,826
78,793
79,924
81,849
83,670
85,442
87,228
89,127
91,048
93,076
95,213
97,457
99,625
101,432
103,250
105,067
106,871
108,736
110,684
112,640
114,656
116,759
119,055
120,453
121,944
123,378
124,716
126,023
127,625
129,301
130,945
132,267
134,473
137,088
139,703
141,843
143,982

62,712
63,943
65,376
67,596
70,160
71,652
73,729
75,834
74,280
74,576
77,573
80,693
83,340
82,229
84,670
86,635
89,771
92,694
93,902
95,396
95,337
96,321
99,439
101,660
103,045
106,996
109,708
112,136
113,717
114,730
113,605
114,602
115,943
118,218
120,351
122,422
124,771
127,075
129,374
130,255
130,076
130,424
132,385

88.0
88.2
88.8
90.4
92.5
93.2
94.7
96.2
92.9
91.1
92.7
94.4
95.5
92.3
93.0
93.1
94.3
95.1
94.3
94.0
92.3
91.7
93.0
93.5
93.1
95.0
95.7
96.0
95.5
95.2
93.2
92.9
93.0
93.8
94.2
94.5
94.7
95.4
96.2
95.0
93.2
91.9
91.9

353,005
372,881
402,491
432,179
470,774
503,805
548,968
594,702
641,252
683,606
751,148
831,699
914,550
965,991
1,068,765
1,175,140
1,317,571
1,476,334
1,631,792
1,803,845
1,907,974
2,004,402
2,193,703
2,349,495
2,467,473
2,668,944
2,956,032
3,130,387
3,327,454
3,387,468
3,545,787
3,622,021
3,805,321
4,050,828
4,309,235
4,636,737
4,992,745
5,350,790
5,712,243
5,846,258
5,823,155
5,961,478
6,408,963

30,963
31,779
33,313
34,649
36,168
37,113
38,326
38,908
39,056
38,943
40,561
41,412
40,185
38,075
38,977
39,364
40,097
39,438
37,570
36,982
36,185
36,198
37,342
37,942
38,416
39,412
41,195
40,877
40,429
39,041
39,190
38,415
38,915
39,879
40,670
42,223
44,187
45,873
46,598
45,487
43,768
43,148
44,512

364,331
385,711
418,457
452,696
490,887
531,405
585,268
624,279
659,499
709,906
785,497
865,419
941,901
994,271
1,106,044
1,217,278
1,365,290
1,548,415
1,706,018
1,881,124
1,994,598
2,127,822
2,331,723
2,521,717
2,800,382
2,806,993
3,111,660
3,277,077
3,443,156
3,488,042
3,661,363
3,762,368
3,944,422
4,218,233
4,558,767
4,991,359
5,437,253
5,872,170
6,326,982
6,171,427
6,061,523
6,255,500
6,823,823

31,957
32,873
34,635
36,294
37,713
39,146
40,860
40,843
40,167
40,441
42,416
43,091
41,386
39,190
40,336
40,776
41,549
41,363
39,279
38,566
37,827
38,427
39,691
40,723
43,599
41,451
43,364
42,793
41,835
40,200
40,468
39,904
40,337
41,527
43,025
45,452
48,121
50,343
51,613
48,017
45,559
45,276
47,394

6.2500
6.1759
6.0966
5.9947
5.8258
5.6616
5.4334
5.1550
4.8678
4.6627
4.5181
4.2543
3.8327
3.5130
3.3204
3.1178
2.8976
2.6034
2.2937
2.0795
1.9581
1.8974
1.8192
1.7560
1.7232
1.6634
1.5978
1.5247
1.4466
1.3882
1.3478
1.3086
1.2754
1.2407
1.2045
1.1774
1.1589
1.1339
1.0970
1.0666
1.0500
1.0266
1.0000

Notes: Population and tax units estimates based on census and current population surveys (Historical Statistics of the United States, and Statistical Abstract of the United States)
Tax units estimated as sum of married men, divorced and widowed men and women, and singles men and women aged 20 and over.
Before 1944, total income (excluding capital gains) is defined as 80% of personal income minus transfers from National Accounts.
From 1944 on, total income is defined as total Adjusted Gross Income less realized capital gains, taxable SS and UI benefits and adding back all adjustments to gross income.
Income of non-filers is imputed as 20% of average income (50% in 1944-1945).
Income including capital gains is defined as total income including 100% of capital gains reported on tax returns (from 1944 on) and assuming that the top 10%
taxpayers earn 90% of all realized capital gains (before 1944). Piketty and Saez (2001) included only capital gains going to the top 10% in col. (7).
Consumer Price Index (CPI-U) is the official CPI index from Economic Report of the President.

Table A1: Top fractiles income shares (excluding capital gains) in the U.S., 1913-2004
(fractiles are defined by total income (excluding capital gains))

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

P90-100 P95-100 P99-100 P99.5-100P99.9-100P99.99-100

(1)
(2)
(3)
(4)
(5)
(6)
17.96
14.73
8.62
2.76
18.16
15.08
8.60
2.73
17.58
14.58
9.22
4.36
18.57
15.60
9.87
4.40
40.29
30.33
17.60
14.23
8.36
3.33
39.90
29.30
15.88
12.39
6.74
2.45
39.48
29.31
15.87
12.23
6.45
2.22
38.10
27.47
14.46
10.95
5.37
1.67
42.86
30.46
15.47
11.60
5.60
1.69
42.95
31.05
16.29
12.38
6.17
2.01
40.59
28.95
14.99
11.32
5.50
1.75
43.26
30.93
16.32
12.42
6.14
2.01
44.17
32.47
17.60
13.41
6.75
2.35
44.07
32.75
18.01
13.75
7.07
2.54
44.67
33.43
18.68
14.33
7.47
2.76
46.09
34.77
19.60
15.17
8.19
3.23
43.76
33.05
18.42
14.21
7.62
3.01
43.07
31.18
16.42
12.42
6.40
2.39
44.40
31.01
15.27
11.32
5.68
2.07
46.30
32.59
15.48
11.55
5.90
1.93
45.03
32.49
15.77
11.78
6.05
2.04
45.16
32.99
15.87
11.80
5.82
1.92
43.39
30.99
15.63
11.67
5.80
1.95
44.77
32.65
17.64
13.37
6.69
2.23
43.35
31.38
16.45
12.42
6.16
2.02
43.00
30.18
14.73
10.82
5.16
1.67
44.57
31.29
15.39
11.37
5.45
1.74
44.43
31.29
15.73
11.66
5.57
1.77
41.02
29.02
15.01
11.15
5.29
1.63
35.49
25.11
12.91
9.60
4.48
1.32
32.67
23.02
11.48
8.43
3.78
0.97
31.55
21.76
10.54
7.60
3.33
0.92
32.64
22.90
11.07
7.87
3.32
0.84
34.62
24.66
11.76
8.28
3.43
0.92
33.02
23.30
10.95
7.71
3.24
0.90
33.72
23.70
11.27
8.03
3.44
0.95
33.76
23.46
10.95
7.77
3.34
0.95
33.87
23.87
11.36
8.14
3.53
0.83
32.82
22.67
10.52
7.41
3.12
0.87
32.07
21.85
9.76
6.81
2.76
0.75
31.38
21.01
9.08
6.26
2.51
0.67
32.12
21.56
9.39
6.47
2.57
0.71
31.77
21.38
9.18
6.28
2.49
0.72
31.81
21.35
9.09
6.14
2.38
0.68
31.69
21.17
8.98
6.08
2.36
0.66
32.11
21.26
8.83
5.94
2.29
0.64
32.03
21.02
8.75
5.90
2.19
0.62

P90-95
(7)

9.95
10.61
10.17
10.63
12.40
11.90
11.64
12.34
11.70
11.32
11.23
11.32
10.71
11.89
13.39
13.71
12.54
12.16
12.40
12.12
11.97
12.82
13.28
13.14
12.00
10.39
9.65
9.79
9.74
9.96
9.72
10.02
10.30
10.00
10.15
10.23
10.37
10.56
10.39
10.46
10.52
10.85
11.01

P95-99 P99-99.5P99.5-99.9P99.9-99.99
(8)
(9)
(10)
(11)
3.23
6.11
5.86
3.08
6.48
5.87
3.00
5.36
4.86
2.97
5.74
5.46
12.74
3.37
5.88
5.03
13.41
3.50
5.64
4.29
13.44
3.63
5.78
4.23
13.01
3.51
5.58
3.70
14.98
3.87
6.00
3.91
14.76
3.92
6.21
4.16
13.96
3.67
5.82
3.75
14.61
3.90
6.28
4.13
14.86
4.19
6.66
4.41
14.74
4.26
6.68
4.53
14.75
4.35
6.86
4.71
15.17
4.42
6.98
4.97
14.63
4.20
6.59
4.62
14.76
4.01
6.02
4.01
15.74
3.95
5.65
3.60
17.11
3.93
5.65
3.97
16.72
3.99
5.72
4.01
17.13
4.07
5.97
3.90
15.36
3.96
5.87
3.85
15.02
4.27
6.68
4.45
14.93
4.04
6.25
4.15
15.45
3.91
5.66
3.49
15.89
4.03
5.91
3.71
15.55
4.07
6.09
3.80
14.01
3.86
5.86
3.66
12.20
3.31
5.12
3.16
11.54
3.06
4.65
2.81
11.22
2.94
4.28
2.40
11.83
3.20
4.55
2.47
12.90
3.48
4.85
2.52
12.35
3.25
4.47
2.33
12.43
3.24
4.59
2.48
12.52
3.18
4.43
2.38
12.51
3.22
4.60
2.70
12.15
3.11
4.29
2.25
12.09
2.95
4.05
2.01
11.93
2.82
3.76
1.83
12.17
2.92
3.90
1.86
12.20
2.90
3.80
1.77
12.26
2.94
3.76
1.70
12.19
2.90
3.72
1.70
12.43
2.89
3.65
1.65
12.28
2.85
3.71
1.58

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

31.66
31.90
32.04
32.01
31.64
31.52
31.98
32.05
31.98
31.82
31.51
31.75
31.62
31.85
32.36
32.62
32.42
32.43
32.44
32.35
32.87
32.72
33.22
33.69
33.95
34.25
34.57
36.48
38.63
38.47
38.84
38.38
39.82
39.48
39.60
40.54
41.16
41.73
42.12
42.67
43.11
42.23
41.67
42.04
42.91

20.51
20.91
20.94
20.90
20.62
20.70
20.99
21.07
20.98
20.68
20.39
20.50
20.37
20.57
21.04
21.03
20.85
20.83
20.86
20.83
21.17
20.97
21.40
21.79
22.10
22.38
22.59
24.49
26.95
26.66
27.05
26.43
27.88
27.41
27.50
28.46
29.16
29.85
30.36
30.97
31.51
30.40
29.66
29.95
31.00

8.36
8.34
8.27
8.16
8.02
8.07
8.37
8.43
8.35
8.02
7.80
7.79
7.75
7.74
8.12
8.01
7.89
7.90
7.95
8.03
8.18
8.03
8.39
8.59
8.89
9.09
9.13
10.75
13.17
12.61
12.98
12.17
13.48
12.82
12.85
13.53
14.11
14.77
15.29
15.87
16.49
15.37
14.64
14.87
16.21

5.52
5.41
5.40
5.33
5.33
5.42
5.59
5.63
5.58
5.30
5.16
5.12
5.10
5.07
5.41
5.31
5.23
5.25
5.30
5.38
5.51
5.42
5.73
5.94
6.22
6.39
6.38
7.76
9.96
9.37
9.71
8.90
10.11
9.45
9.45
9.99
10.49
11.12
11.61
12.16
12.78
11.71
11.06
11.29
12.54

2.10
2.05
1.98
1.96
1.97
2.04
2.15
2.16
2.15
2.00
1.94
1.91
1.92
1.89
2.11
2.04
2.02
2.04
2.08
2.16
2.23
2.23
2.45
2.61
2.83
2.91
2.87
3.73
5.21
4.74
4.90
4.36
5.21
4.72
4.70
4.98
5.33
5.81
6.20
6.64
7.13
6.26
5.78
6.00
6.95

0.60
0.59
0.56
0.57
0.53
0.54
0.60
0.60
0.58
0.55
0.53
0.52
0.52
0.50
0.56
0.56
0.56
0.57
0.58
0.62
0.65
0.66
0.77
0.87
0.98
0.97
1.00
1.30
1.99
1.74
1.83
1.61
2.02
1.74
1.73
1.82
1.97
2.20
2.41
2.63
2.84
2.40
2.19
2.37
2.87

11.15
10.99
11.10
11.11
11.02
10.82
10.99
10.97
11.01
11.14
11.13
11.26
11.25
11.28
11.32
11.60
11.57
11.60
11.58
11.52
11.70
11.75
11.82
11.91
11.85
11.87
11.98
11.99
11.68
11.81
11.78
11.95
11.94
12.07
12.09
12.08
12.00
11.87
11.77
11.70
11.60
11.83
12.02
12.09
11.91

12.15
12.57
12.67
12.73
12.60
12.63
12.62
12.65
12.62
12.66
12.58
12.71
12.62
12.83
12.91
13.02
12.96
12.93
12.91
12.80
12.99
12.94
13.01
13.19
13.21
13.28
13.46
13.74
13.78
14.05
14.07
14.26
14.40
14.59
14.65
14.93
15.05
15.08
15.06
15.10
15.02
15.03
15.02
15.08
14.79

2.84
2.93
2.87
2.83
2.69
2.64
2.78
2.80
2.77
2.71
2.65
2.66
2.66
2.67
2.71
2.70
2.66
2.65
2.65
2.65
2.67
2.60
2.66
2.66
2.67
2.70
2.75
2.98
3.20
3.24
3.27
3.27
3.37
3.37
3.40
3.54
3.62
3.65
3.68
3.72
3.71
3.66
3.58
3.59
3.67

3.42
3.36
3.42
3.37
3.36
3.38
3.43
3.47
3.43
3.30
3.22
3.21
3.18
3.18
3.30
3.27
3.21
3.21
3.22
3.23
3.28
3.20
3.28
3.33
3.39
3.48
3.51
4.04
4.75
4.63
4.82
4.54
4.90
4.74
4.74
5.01
5.16
5.32
5.41
5.52
5.66
5.45
5.28
5.29
5.60

1.50
1.47
1.42
1.40
1.44
1.50
1.55
1.56
1.56
1.45
1.41
1.40
1.40
1.39
1.54
1.48
1.46
1.48
1.50
1.54
1.58
1.57
1.68
1.74
1.85
1.94
1.87
2.43
3.22
3.00
3.07
2.75
3.20
2.98
2.97
3.17
3.35
3.61
3.79
4.00
4.29
3.86
3.59
3.63
4.08

Notes: Computations by authors on tax return statistics. Taxpayers are ranked by gross income (excluding capital gains and government transfers).
Income is defined as market income but excludes capital gains.
The Table reports the percentage of total income accruing to each of the top groups. P90-100 denotes to top decile,
P90-95 denotes the bottom half of the top decile, etc.

Table A2: Top fractiles income shares (including capital gains) in the U.S., 1913-2004
(fractiles are defined by total income (excluding capital gains))

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

P90-100
(1)

P95-100
(2)

40.43
40.08
39.92
38.69
43.08
43.21
40.98
43.66
44.55
44.35
44.96
46.27
43.97
43.24
44.40
46.36
45.17
45.17
43.54
45.15
43.54
43.13
44.75
44.56
41.17
35.60
32.98
31.85
33.24
35.28
33.38
34.08
34.00
34.41
33.18
32.35
31.60
32.53
32.52
32.24
32.03
32.46
32.56
32.19
32.56

30.57
29.48
29.79
28.02
30.72
31.45
29.32
31.39
33.24
33.28
34.02
35.58
33.78
31.46
31.10
32.66
32.76
33.11
31.34
33.22
31.59
30.41
31.53
31.50
29.25
25.28
23.38
22.12
23.63
25.38
23.73
24.14
23.77
24.41
23.17
22.22
21.31
22.20
22.21
21.92
21.65
21.84
21.95
21.30
21.84

P99-100 P99.5-100 P99.9-100 P99.99-100

(3)
(4)
(5)
(6)
17.96
14.73
8.62
2.76
18.16
15.08
8.60
2.73
17.58
14.58
9.22
4.36
18.89
15.93
10.13
4.51
17.72
14.32
8.39
3.33
15.99
12.45
6.74
2.44
16.15
12.42
6.51
2.22
14.68
11.04
5.35
1.65
15.62
11.68
5.61
1.68
16.65
12.67
6.35
2.09
15.28
11.57
5.65
1.83
16.80
12.82
6.38
2.10
18.62
14.33
7.37
2.63
18.70
14.40
7.55
2.79
19.49
15.13
8.08
3.05
21.09
16.66
9.34
3.73
19.76
15.55
8.77
3.61
16.72
12.70
6.64
2.53
15.39
11.44
5.77
2.13
15.56
11.64
5.96
1.95
16.09
12.09
6.29
2.14
16.00
11.92
5.89
1.93
15.97
11.97
5.96
1.98
18.16
13.83
6.92
2.25
16.67
12.58
6.23
2.03
15.02
11.08
5.36
1.80
15.64
11.57
5.56
1.77
15.95
11.84
5.68
1.82
15.23
11.34
5.43
1.71
13.06
9.72
4.57
1.37
11.78
8.67
3.93
1.03
10.81
7.82
3.46
0.98
11.61
8.32
3.59
0.95
12.23
8.67
3.71
1.05
11.25
7.97
3.44
1.00
11.57
8.29
3.62
1.03
11.19
7.98
3.48
1.02
11.91
8.56
3.82
0.92
10.98
7.79
3.37
0.97
10.13
7.13
2.98
0.83
9.37
6.53
2.69
0.75
9.92
6.92
2.89
0.83
9.92
6.92
2.93
0.88
9.68
6.75
2.79
0.82
9.42
6.52
2.66
0.77
9.35
6.45
2.63
0.76
9.49
6.62
2.66
0.78
9.01
6.15
2.52
0.76
9.24
6.32
2.65
0.82

P90-95
(7)

P95-99
(8)

9.87
10.61
10.13
10.66
12.37
11.76
11.65
12.26
11.32
11.07
10.94
10.69
10.20
11.78
13.31
13.70
12.41
12.07
12.20
11.93
11.95
12.72
13.23
13.06
11.92
10.32
9.60
9.74
9.61
9.89
9.65
9.94
10.23
10.00
10.00
10.13
10.28
10.33
10.31
10.31
10.37
10.62
10.61
10.89
10.73

12.85
13.49
13.64
13.35
15.10
14.80
14.04
14.59
14.62
14.58
14.53
14.48
14.02
14.75
15.70
17.10
16.67
17.11
15.37
15.06
14.93
15.39
15.89
15.54
14.02
12.22
11.60
11.31
12.02
13.15
12.48
12.57
12.58
12.50
12.20
12.09
11.94
12.29
12.28
12.24
12.24
12.49
12.45
12.29
12.59

P99-99.5 P99.5-99.9P99.9-99.99
(9)
(10)
(11)
3.23
6.11
5.86
3.08
6.48
5.87
3.00
5.36
4.86
2.95
5.81
5.61
3.40
5.93
5.06
3.54
5.70
4.30
3.74
5.91
4.29
3.64
5.69
3.70
3.94
6.07
3.93
3.98
6.32
4.26
3.72
5.91
3.83
3.98
6.45
4.28
4.29
6.96
4.74
4.31
6.85
4.76
4.36
7.05
5.04
4.43
7.33
5.60
4.20
6.78
5.16
4.01
6.06
4.11
3.95
5.67
3.64
3.93
5.68
4.01
4.00
5.80
4.15
4.08
6.03
3.96
3.99
6.01
3.99
4.34
6.91
4.66
4.08
6.35
4.21
3.94
5.73
3.56
4.07
6.01
3.78
4.11
6.16
3.86
3.89
5.91
3.72
3.34
5.15
3.20
3.12
4.73
2.90
2.99
4.36
2.48
3.30
4.72
2.65
3.56
4.96
2.66
3.29
4.53
2.44
3.29
4.67
2.58
3.21
4.50
2.46
3.35
4.74
2.90
3.19
4.43
2.40
3.00
4.14
2.15
2.85
3.83
1.95
2.99
4.03
2.07
3.00
3.99
2.05
2.93
3.96
1.97
2.90
3.86
1.89
2.90
3.82
1.87
2.87
3.96
1.88
2.86
3.63
1.76
2.93
3.66
1.84

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

32.44
32.48
32.73
32.85
32.82
33.39
33.59
32.92
31.91
32.42
32.45
32.27
32.55
32.75
32.63
32.69
32.63
33.01
33.54
33.32
34.27
34.98
35.33
35.97
37.86
37.30
39.78
39.34
39.38
38.78
40.31
40.05
40.13
41.50
42.69
43.77
44.35
45.01
45.29
43.15
42.53
43.02
44.48

21.56
21.56
21.84
22.00
22.08
22.66
22.86
22.08
20.97
21.39
21.40
21.22
21.40
21.33
21.24
21.27
21.23
21.77
22.10
21.82
22.75
23.46
23.84
24.46
26.63
25.57
28.41
27.80
27.81
26.98
28.56
28.22
28.23
29.58
30.94
32.21
32.92
33.68
34.26
31.65
30.77
31.24
32.91

8.92
8.86
9.10
9.30
9.42
9.83
10.07
9.40
8.44
8.65
8.70
8.34
8.53
8.37
8.33
8.36
8.36
9.00
9.15
8.93
9.76
10.28
10.63
11.09
13.14
11.75
14.65
13.81
13.81
12.72
14.22
13.68
13.65
14.62
15.84
16.99
17.69
18.37
19.30
16.76
15.81
16.25
17.91

6.06
6.00
6.16
6.33
6.48
6.81
7.03
6.54
5.71
5.86
5.89
5.59
5.75
5.61
5.60
5.63
5.64
6.24
6.36
6.22
6.97
7.41
7.79
8.17
9.99
8.64
11.30
10.44
10.46
9.38
10.78
10.25
10.17
10.94
12.03
13.09
13.72
14.34
15.28
12.98
12.10
12.51
14.00

2.44
2.41
2.48
2.62
2.75
2.87
3.00
2.79
2.29
2.38
2.39
2.19
2.31
2.23
2.24
2.27
2.28
2.74
2.77
2.72
3.28
3.54
3.87
4.07
4.89
4.25
6.10
5.47
5.40
4.67
5.67
5.27
5.18
5.58
6.35
7.15
7.58
8.00
8.78
7.09
6.46
6.77
7.85

0.73
0.73
0.76
0.82
0.83
0.84
0.87
0.87
0.66
0.69
0.72
0.60
0.64
0.64
0.65
0.65
0.65
0.90
0.87
0.86
1.13
1.24
1.38
1.42
1.94
1.50
2.39
2.10
2.08
1.72
2.20
1.97
1.93
2.03
2.41
2.68
2.92
3.10
3.44
2.74
2.47
2.68
3.25

10.88
10.92
10.89
10.85
10.74
10.73
10.72
10.84
10.94
11.03
11.05
11.05
11.15
11.42
11.39
11.42
11.40
11.24
11.44
11.50
11.52
11.53
11.50
11.51
11.23
11.74
11.37
11.55
11.57
11.80
11.75
11.83
11.91
11.92
11.76
11.56
11.44
11.33
11.04
11.49
11.77
11.78
11.57

12.64
12.70
12.74
12.70
12.66
12.83
12.79
12.68
12.53
12.73
12.70
12.88
12.87
12.96
12.91
12.91
12.87
12.77
12.95
12.89
12.99
13.17
13.21
13.36
13.49
13.82
13.75
13.98
14.00
14.26
14.34
14.54
14.58
14.96
15.10
15.22
15.22
15.31
14.96
14.89
14.96
14.99
14.99

2.86
2.87
2.94
2.97
2.94
3.02
3.04
2.86
2.73
2.79
2.81
2.75
2.78
2.75
2.72
2.73
2.72
2.76
2.79
2.71
2.79
2.88
2.84
2.92
3.16
3.11
3.35
3.38
3.35
3.34
3.45
3.43
3.47
3.68
3.81
3.90
3.97
4.03
4.02
3.78
3.71
3.74
3.91

3.62
3.59
3.68
3.71
3.73
3.94
4.03
3.75
3.42
3.48
3.50
3.40
3.45
3.38
3.36
3.37
3.37
3.50
3.59
3.49
3.68
3.87
3.92
4.10
5.09
4.39
5.20
4.97
5.06
4.71
5.11
4.98
4.99
5.36
5.68
5.94
6.14
6.34
6.50
5.89
5.64
5.74
6.15

1.71
1.67
1.73
1.80
1.92
2.04
2.13
1.92
1.62
1.69
1.68
1.59
1.67
1.59
1.59
1.62
1.63
1.85
1.89
1.86
2.15
2.30
2.48
2.65
2.96
2.74
3.71
3.37
3.32
2.95
3.47
3.30
3.24
3.55
3.93
4.46
4.67
4.90
5.35
4.35
3.99
4.09
4.60

Notes: Computations by authors on tax return statistics. Taxpayers are ranked by gross income (excluding capital gains and government transfers).
Income to compute shares is defined as market income and includes capital gains.
The Table reports the percentage of total income accruing to each of the top groups. P90-100 denotes to top decile,
P90-95 denotes the bottom half of the top decile, etc.

Those series differ slightly from Table A2 in Piketty and Saez (2001) because of the difference in the denominator:
The denominator we use includes all capital gains while the denominator in Piketty and Saez (2001) included only capital gains going to the top 10%.

Table A3: Top fractiles income shares (including capital gains) in the U.S., 1913-2004
(fractiles are defined by total income (including capital gains))

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960

P90-100
(1)

P95-100
(2)

40.51
40.11
40.32
39.01
43.18
43.72
41.46
44.41
46.35
45.71
46.67
49.29
46.71
43.87
44.54
46.37
45.60
45.78
44.49
46.59
44.23
44.07
45.52
45.29
41.93
36.13
33.69
32.51
34.42
36.70
34.35
35.01
34.75
35.56
34.22
33.21
32.31
33.64
33.94
33.46
32.99
33.56
34.00
33.48

30.64
29.49
30.17
28.32
30.80
31.94
29.78
32.11
35.01
34.61
35.69
38.56
36.48
32.06
31.23
32.67
33.19
33.71
32.28
34.64
32.27
31.34
32.28
32.22
29.99
25.80
24.08
22.77
24.79
26.77
24.68
25.06
24.51
25.53
24.20
23.07
22.01
23.30
23.60
23.13
22.60
22.93
23.39
22.57

P99-100
(3)
17.96
18.16
17.58
19.31
17.74
15.96
16.41
14.83
15.64
17.06
15.64
17.42
20.24
19.91
21.03
23.94
22.35
17.22
15.50
15.56
16.46
16.40
16.68
19.29
17.15
15.75
16.18
16.48
15.79
13.43
12.31
11.28
12.52
13.28
11.96
12.24
11.73
12.82
11.79
10.79
9.90
10.77
11.06
10.67
10.16
10.21
10.65
10.03

P99.5-100 P99.9-100 P99.99-100

(4)
(5)
(6)
14.73
8.62
2.76
15.08
8.60
2.73
14.58
9.22
4.36
16.37
10.51
4.78
14.34
8.40
3.37
12.43
6.72
2.45
12.64
6.63
2.29
11.14
5.36
1.66
11.70
5.60
1.69
13.06
6.64
2.27
11.91
5.91
2.00
13.40
6.79
2.32
15.86
8.52
3.31
15.55
8.46
3.36
16.60
9.25
3.75
19.40
11.54
5.02
18.07
10.91
4.99
13.20
7.07
2.84
11.57
5.89
2.25
11.62
5.97
1.99
12.46
6.61
2.34
12.30
6.13
2.07
12.63
6.39
2.19
14.86
7.57
2.54
13.02
6.49
2.17
11.78
5.88
2.19
12.06
5.87
1.96
12.33
6.01
2.04
11.86
5.81
1.98
10.07
4.81
1.55
9.15
4.26
1.24
8.26
3.76
1.16
9.14
4.16
1.26
9.61
4.39
1.47
8.61
3.92
1.30
8.90
4.06
1.31
8.48
3.83
1.24
9.37
4.39
1.22
8.53
3.89
1.28
7.74
3.43
1.09
7.02
3.06
0.97
7.71
3.49
1.17
7.96
3.71
1.32
7.70
3.49
1.20
7.23
3.18
1.05
7.27
3.22
1.08
7.72
3.45
1.19
7.13
3.25
1.17

P90-95
(7)

P95-99
(8)

9.87
10.61
10.15
10.69
12.38
11.78
11.68
12.29
11.34
11.10
10.98
10.73
10.23
11.80
13.31
13.70
12.42
12.07
12.21
11.96
11.96
12.73
13.24
13.07
11.94
10.32
9.61
9.75
9.63
9.93
9.67
9.96
10.25
10.03
10.02
10.14
10.29
10.34
10.34
10.34
10.38
10.63
10.61
10.90

12.90
13.53
13.76
13.49
15.17
14.89
14.13
14.69
14.77
14.70
14.67
14.62
14.13
14.84
15.73
17.11
16.73
17.32
15.61
15.35
15.12
15.59
16.10
15.74
14.21
12.37
11.77
11.48
12.28
13.49
12.72
12.81
12.78
12.71
12.41
12.28
12.11
12.52
12.54
12.45
12.44
12.72
12.74
12.54

P99-99.5 P99.5-99.9 P99.9-99.99

(9)
(10)
(11)
3.23
6.11
5.86
3.08
6.48
5.87
3.00
5.36
4.86
2.94
5.86
5.73
3.39
5.94
5.04
3.53
5.71
4.26
3.77
6.01
4.34
3.69
5.79
3.69
3.94
6.10
3.91
4.00
6.42
4.36
3.73
6.00
3.91
4.02
6.61
4.46
4.38
7.34
5.21
4.36
7.09
5.09
4.43
7.34
5.50
4.54
7.86
6.52
4.29
7.15
5.92
4.02
6.13
4.23
3.93
5.67
3.64
3.93
5.65
3.98
4.00
5.86
4.26
4.10
6.17
4.06
4.04
6.24
4.20
4.43
7.29
5.03
4.13
6.53
4.32
3.98
5.89
3.69
4.12
6.19
3.91
4.14
6.33
3.96
3.92
6.06
3.83
3.36
5.26
3.27
3.16
4.88
3.03
3.02
4.50
2.59
3.38
4.98
2.90
3.66
5.22
2.92
3.34
4.70
2.61
3.34
4.85
2.75
3.25
4.64
2.59
3.45
4.98
3.17
3.26
4.64
2.61
3.05
4.31
2.34
2.88
3.97
2.09
3.06
4.22
2.32
3.10
4.25
2.40
2.97
4.22
2.29
2.93
4.05
2.13
2.94
4.05
2.14
2.93
4.27
2.26
2.91
3.88
2.07

1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

34.25
33.70
33.78
34.42
34.78
33.67
34.44
34.85
33.93
32.63
33.34
33.59
33.33
33.31
33.43
33.41
33.58
33.49
34.21
34.63
34.54
35.33
36.38
36.74
37.56
40.63
38.25
40.63
40.08
39.98
39.55
40.82
40.68
40.78
42.11
43.48
44.64
45.39
46.47
47.61
44.82
43.82
44.53
46.24

23.50
22.81
22.84
23.50
23.88
22.92
23.70
24.15
23.08
21.66
22.26
22.52
22.21
22.12
21.98
21.97
22.12
22.04
22.93
23.17
23.04
23.83
24.85
25.29
26.12
29.49
26.54
29.29
28.55
28.41
27.72
29.06
28.83
28.89
30.22
31.76
33.14
34.10
35.22
36.61
33.35
32.07
32.77
34.72

10.64
9.95
9.92
10.48
10.89
10.18
10.74
11.21
10.35
9.03
9.40
9.64
9.16
9.12
8.87
8.86
9.03
8.95
9.96
10.02
10.02
10.80
11.56
11.99
12.67
15.92
12.66
15.49
14.49
14.33
13.36
14.67
14.24
14.23
15.23
16.69
18.02
19.09
20.04
21.52
18.22
16.87
17.53
19.47

7.66
7.06
7.00
7.39
7.73
7.22
7.67
8.14
7.45
6.25
6.56
6.78
6.30
6.31
6.07
6.07
6.22
6.16
7.11
7.15
7.23
7.97
8.63
9.04
9.63
12.62
9.45
12.09
11.08
10.94
9.99
11.20
10.78
10.73
11.57
12.91
14.16
15.18
16.04
17.46
14.32
13.04
13.67
15.42

3.65
3.19
3.15
3.37
3.66
3.39
3.68
4.02
3.69
2.78
2.99
3.13
2.76
2.73
2.56
2.59
2.71
2.65
3.44
3.41
3.57
4.18
4.62
4.98
5.32
7.40
4.90
6.80
6.00
5.82
5.12
6.03
5.73
5.70
6.21
7.24
8.19
9.00
9.62
10.88
8.37
7.34
7.87
9.18

1.38
1.16
1.15
1.30
1.49
1.29
1.42
1.61
1.56
1.00
1.11
1.18
0.94
0.88
0.85
0.86
0.92
0.86
1.37
1.28
1.37
1.73
1.88
2.15
2.24
3.34
1.91
2.86
2.45
2.33
1.96
2.46
2.32
2.29
2.46
3.06
3.53
3.92
4.21
5.07
3.70
3.14
3.49
4.25

10.75
10.90
10.94
10.92
10.90
10.75
10.74
10.70
10.85
10.96
11.08
11.07
11.12
11.19
11.45
11.44
11.46
11.45
11.28
11.47
11.51
11.50
11.53
11.45
11.44
11.14
11.71
11.34
11.54
11.57
11.82
11.76
11.85
11.89
11.89
11.73
11.50
11.30
11.25
11.00
11.47
11.75
11.76
11.53

12.86
12.86
12.93
13.02
12.98
12.74
12.96
12.94
12.73
12.64
12.86
12.88
13.05
13.00
13.11
13.11
13.10
13.09
12.97
13.15
13.02
13.04
13.30
13.30
13.45
13.57
13.88
13.80
14.06
14.08
14.36
14.39
14.60
14.66
14.99
15.07
15.13
15.01
15.17
15.09
15.13
15.20
15.24
15.25

2.98
2.89
2.92
3.09
3.17
2.96
3.06
3.07
2.91
2.77
2.84
2.86
2.86
2.82
2.80
2.79
2.81
2.79
2.85
2.87
2.78
2.83
2.92
2.95
3.04
3.30
3.21
3.40
3.41
3.39
3.38
3.47
3.46
3.50
3.66
3.78
3.86
3.91
4.01
4.07
3.90
3.83
3.86
4.05

4.01
3.86
3.85
4.01
4.07
3.83
4.00
4.12
3.75
3.48
3.58
3.65
3.54
3.58
3.50
3.47
3.51
3.51
3.67
3.74
3.67
3.79
4.01
4.06
4.31
5.22
4.55
5.29
5.08
5.12
4.86
5.17
5.05
5.03
5.36
5.67
5.97
6.18
6.41
6.58
5.96
5.70
5.80
6.24

2.27
2.03
2.00
2.07
2.17
2.10
2.26
2.41
2.14
1.78
1.87
1.95
1.82
1.85
1.72
1.73
1.78
1.79
2.07
2.13
2.20
2.44
2.74
2.83
3.08
4.05
2.99
3.94
3.54
3.49
3.17
3.57
3.41
3.41
3.74
4.18
4.66
5.07
5.41
5.80
4.67
4.20
4.38
4.92

Notes: Computations by authors on tax return statistics. Taxpayers are ranked by gross income including capital gains (excluding government transfers).
Income to compute shares is defined as market income and includes capital gains.
The Table reports the percentage of total income accruing to each of the top groups. P90-100 denotes to top decile,
P90-95 denotes the bottom half of the top decile, etc.

Those series differ slightly from Table A2 in Piketty and Saez (2001) because of the difference in the denominator:
The denominator we use includes all capital gains while the denominator in Piketty and Saez (2001) included only capital gains going to the top 10%.

Table A4: Top fractiles income levels (excluding capital gains) in the United States, 1913-2004
(fractiles are defined by total income (excluding capital gains)) (incomes in 2004 $)
P90-100

P95-100

P99-100

P99.5-100

P99.9-100

P99.99-100

P0-90

P90-95

P95-99

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

P99-99.5 P99.5-99.9 P99.9-99.99

(10)

(11)

(12)

P90

P95

P99

P99.5

P99.9

(13)

(14)

(15)

(16)

(17)

P99.99
(18)

1913

251,357 412,204 1,205,925 3,855,744

90,510 213,774

911,501

71,984

118,047

373,191

1,569,707

1914

248,393 412,582 1,176,899 3,733,435

84,203 221,503

892,839

66,554

110,547

357,596

1,560,358

1915

242,771 402,669 1,273,241 6,022,201

82,873 185,026

745,579

56,103 106,750

393,418

1,996,150

1916

278,978 468,751 1,482,008 6,616,455

89,205 215,437

911,513

67,301 120,254

451,337

2,471,856
2,131,189

1917

61,647

92,835 269,305 435,619 1,278,910 5,096,691

10,152

30,458

48,717 102,990 224,796

854,712

24,285

33,632

83,028 134,601

467,160

1918

57,814

84,896 230,123 358,893

976,689

3,547,005

9,674

30,732

48,590 101,353 204,444

691,099

25,712

34,352

82,954 128,828

398,243

1,611,526

1919

56,003

83,143 225,073 347,067

915,469

3,149,268

9,538

28,862

47,661 103,078 204,967

667,270

24,331

33,605

84,304

131,116

418,098

1,487,992

1920

48,208

69,514 182,950 277,183

679,646

2,115,120

8,702

26,903

41,155

88,717 176,567

520,149

24,698

29,917

72,362

115,568

331,079

1,074,426

1921

47,863

68,025 172,792 259,057

625,614

1,886,404

7,090

27,701

41,833

86,527 167,418

485,527

24,226

30,220

71,297

110,012

309,023

988,388

1922

54,129

78,273 205,336

311,961

777,435

2,532,397

7,989

29,985

46,507

98,711

195,593

582,439

25,779

33,495

79,828 125,009

359,922

1,143,446

1923

56,899

81,161 210,145 317,457

771,536

2,455,402

9,254

32,637

48,915 102,833 203,938

584,440

27,699

37,701

82,429 130,648

368,314

1,124,711

1924

59,918

85,667 225,966 343,920

850,373

2,781,953

8,731

34,169

50,592 108,012 217,307

635,753

28,791

38,548

86,603 137,217

389,658

1,284,301

1925

61,796

90,848 246,288 375,348

944,705

3,281,097

8,680

32,744

51,988

117,229 233,008

685,105

29,518

38,512

92,993 146,223

406,984

1,354,166

1926

62,303

92,608 254,639 388,719

999,269

3,589,218

8,786

31,998

52,100 120,559 236,082

711,496

28,775

37,362

96,552 150,367

419,017

1,441,900

1927

63,620

95,237 266,054 408,306 1,064,364 3,928,562

8,757

32,003

52,533 123,801 244,292

746,120

29,308

38,318

98,742 153,030

428,919

1,602,730

1928

66,998 101,083 284,874 441,145 1,190,687 4,688,361

8,706

32,913

55,135 128,603 253,760

802,057

30,138

39,662 101,619 154,180

437,529

1,824,973

1929

66,312 100,164 279,108 430,776 1,155,030 4,555,012

9,470

32,460

55,428 127,440 249,713

777,254

29,422

39,253 102,251 155,122

411,940

1,643,060

1930

59,141

85,624 225,490 340,986

878,976

3,279,833

8,685

32,658

50,658 109,995 206,488

612,215

28,987

37,071

90,484 135,819

363,007

1,294,059

1931

55,319

77,268 190,237 282,137

706,994

2,584,249

7,695

33,369

49,026

98,337 175,923

498,411

28,654

35,956

81,977 120,835

302,578

1,066,753

1932

48,513

68,296 162,180 242,015

617,794

2,018,532

6,252

28,730

44,825

82,345 148,071

462,157

19,654

33,566

70,128 100,715

265,540

1,001,489

1933

45,947

66,302 160,935 240,392

617,832

2,086,437

6,233

25,593

42,644

81,478 146,032

454,654

19,116

30,828

68,215

97,985

256,606

960,561

1934

50,610

73,961 177,851 264,419

652,719

2,154,060

6,830

27,259

47,988

91,282 167,344

485,903

23,160

32,828

75,919

112,221

303,403

1,033,031

1935

52,659

75,216 189,657 283,255

703,478

2,361,973

7,633

30,103

46,606

96,059 178,199

519,201

25,436

36,095

79,575

117,284

318,136

1,126,310

1936

59,634

86,988 234,919 356,138

890,728

2,975,722

8,173

32,280

50,006

113,700 222,490

659,062

27,466

39,156

92,661 141,444

400,563

1,449,594

1937

60,548

87,660 229,777 346,827

860,585

2,815,274

8,792

33,435

52,131

112,727 218,388

643,397

29,107

39,080

92,649 142,013

398,098

1,358,689

1938

55,247

77,556 189,242 277,935

662,401

2,141,054

8,137

32,939

49,634 100,548 181,818

498,107

28,512

37,872

84,239 123,533

315,268

948,158

1939

61,010

85,655 210,712

311,156

746,173

2,383,579

8,431

36,364

54,391

110,269 202,401

564,239

32,153

42,457

92,158 135,698

353,389

1,162,964

1940

63,675

89,688 225,508 334,273

798,782

2,542,650

8,850

37,662

55,733

116,744 218,145

605,018

35,675

42,026

96,814 147,235

384,339

1,228,465

1941

68,715

97,219 251,412 373,512

886,072

2,728,962

10,978

40,212

58,670

129,311 245,373

681,307

36,905

45,567 105,728 164,244

433,122

1,347,602

1942

69,079

97,729 251,168 373,480

871,335

2,572,311

13,949

40,430

59,369 128,856 249,016

682,338

37,546

45,544 104,536 164,347

434,208

1,332,218

1943

73,525 103,619 258,468 379,392

851,444

2,189,047

16,837

43,432

64,907 137,544 261,379

702,822

38,342

49,677

111,670 176,183

449,585

1,166,807

1944

70,183

96,807 234,443 338,299

740,216

2,055,727

16,920

43,560

62,398 130,586 237,820

594,048

41,864

49,646

114,944 173,968

425,875

1,181,482

1945

71,068

99,722 241,022

342,611

722,523

1,839,391

16,293

42,413

64,397 139,432 247,633

598,426

40,330

49,206 122,713 187,643

423,127

1,033,718

1946

75,868 108,084 257,795 362,976

752,212

2,008,422

15,922

43,652

70,656 152,615 265,667

612,633

39,317

50,279 126,764 189,297

422,140

1,023,540

1947

69,858

98,595 231,763 326,153

684,614

1,910,358

15,747

41,122

65,303 137,373 236,538

548,420

36,366

45,859

113,932 168,669

372,858

957,516

1948

72,606 102,042 242,657 345,626

740,068

2,053,784

15,857

43,169

66,888 139,689 247,015

594,100

38,254

49,958

116,106 174,733

398,113

1,077,859

1949

71,811

99,803 232,812 330,522

709,695

2,029,983

15,653

43,819

66,550 135,103 235,729

562,997

38,897

50,873

111,899 165,709

379,173

1,041,329

1950

77,758 109,602 260,792 373,525

810,794

1,898,317

16,868

45,913

71,805 148,060 264,208

689,958

42,031

52,287 120,335 185,583

419,646

932,926

1951

77,631 107,246 248,795 350,579

737,301

2,046,427

17,656

48,016

71,858 147,012 253,898

591,842

43,011

52,918 123,754 179,485

399,336

1,048,861

1952

78,276 106,634 238,151 332,288

672,578

1,819,914

18,419

49,918

73,755 144,014 247,215

545,096

45,947

56,432 122,449 180,505

374,917

937,433

1953

79,959 107,056 231,392 319,168

638,627

1,713,944

19,427

52,863

75,972 143,616 239,303

519,148

47,337

58,048 123,018 176,857

360,058

859,214

1954

80,849 108,542 236,370 325,679

645,981

1,776,802

18,985

53,155

76,585 147,062 245,603

520,335

47,597

58,087 125,228 179,536

362,957

870,550

1955

85,494

115,050 247,036 338,240

669,248

1,939,069

20,399

55,939

82,053 155,831 255,488

528,156

50,843

63,502 131,599 187,741

364,516

895,581

1956

90,029 120,852 257,214 347,821

674,502

1,928,055

21,448

59,207

86,761 166,606 266,151

535,218

52,962

66,261 140,706 191,110

377,830

902,157

1957

90,071 120,336 255,308 345,643

670,581

1,884,795

21,575

59,805

86,593 164,974 264,408

535,668

54,123

67,209 139,261 191,364

382,859

918,027

1958

88,507

117,192 243,468 327,558

631,916

1,770,665

20,790

59,821

85,623 159,378 251,468

505,388

54,140

67,519 135,521 183,125

361,394

866,649

1959

93,497 122,733 255,328 344,433

639,578

1,798,467

22,042

64,262

89,584 166,223 270,647

510,813

57,258

72,446 144,606 203,313

369,283

849,757

1960

93,554 121,231 246,953

326,311

619,542

1,762,395

22,441

65,876

89,800 167,595 253,003

492,558

58,299

66,803 143,336 188,507

353,644

833,860

1961

95,374 125,029 249,307 323,493

613,997

1,755,329

22,627

65,720

93,960 175,120 250,867

487,182

58,680

73,150 147,755 184,291

343,190

816,825

1962

99,219 129,692 256,181 334,353

614,351

1,738,969

23,380

68,745

98,070 178,010 264,353

489,393

61,942

75,913 152,161 198,070

357,983

807,153

1963

101,725 132,806 259,445 338,748

624,006

1,805,078

24,008

70,643 101,147 180,141 267,434

492,775

63,958

79,211

153,968 200,545

363,128

823,591

1964

105,401 137,405 267,198 355,335

655,935

1,769,901

25,304

73,398 104,956 179,061 280,185

532,161

66,733

79,900 154,826 209,020

370,736

793,772

1965

109,208 143,447 279,448 375,729

705,869

1,863,662

26,365

74,969 109,447 183,166 293,194

577,225

68,657

83,962 157,728 218,586

381,172

800,589

1966

115,669 151,846 302,657 404,025

779,112

2,180,711

27,334

79,493

114,144 201,289 310,253

623,379

71,635

88,434 171,479 236,156

426,136

988,634

1967

118,932 156,416 312,689 417,840

801,640

2,213,682

28,022

81,447

117,348 207,538 321,890

644,747

72,910

90,330 177,221 241,827

436,435

1,016,573

1968

122,577 160,788 320,098 427,607

822,269

2,228,943

28,965

84,366 120,961 212,589 328,942

665,972

75,855

93,347 182,815 243,772

449,746

984,758

1969

123,810 160,925 311,945

412,707

778,617

2,128,793

29,475

86,695 123,170 211,183 321,229

628,597

78,092

96,608 181,283 244,868

424,175

903,044

1970

123,079 159,252 304,786 402,750

756,815

2,051,760

29,720

86,907 122,868 206,822 314,234

612,932

78,271

97,380 178,719 241,629

433,115

971,657

1971

123,658 159,634 303,210 399,004

745,525

2,017,408

29,530

87,682 123,740 207,417 312,373

604,205

78,759

98,114

180,447 239,322

422,282

932,930

1972

128,269 165,242 314,518 413,643

777,001

2,111,041

30,816

91,296 127,923 215,393 322,803

628,775

82,354 101,485 187,512 248,099

438,039

964,841

1973

131,912 170,374 320,611

419,960

781,174

2,050,801

31,356

93,450 132,815 221,262 329,657

640,105

83,888 104,660 193,634 254,357

451,964

1,033,219

1974

130,036 169,069 326,445 434,729

846,642

2,262,251

30,201

91,002 129,725 218,161 331,750

689,353

81,973 104,376 190,342 252,909

495,880

1,189,684

1975

124,206 160,109 304,827 404,242

775,989

2,131,111

28,505

88,304 123,929 205,411 311,306

625,419

79,400

179,116 238,839

444,308

1,065,854

1976

126,354 162,501 307,496 407,757

787,014

2,190,238

29,268

90,206 126,252 207,235 312,943

631,100

81,183 101,045 180,817 239,488

445,645

1,090,274

1977

127,676 164,017 310,946 413,454

803,662

2,228,816

29,552

91,336 127,285 208,438 315,902

645,312

82,072 102,359 181,683 241,016

451,541

1,092,098

1978

130,077 167,302 318,877 425,198

833,718

2,327,866

30,099

92,851 129,408 212,556 323,068

667,702

83,429 103,761 185,624 245,932

467,436

1,184,836

1979

127,564 164,297 316,779 424,739

851,012

2,426,697

29,646

90,830 126,176 208,820 318,171

675,936

81,904 101,558 181,017 241,386

458,383

1,097,174

1980

123,475 159,067 307,199 413,733

838,237

2,460,132

28,025

87,884 122,034 200,664 307,608

658,026

79,352

98,247 175,023 231,834

446,960

1,177,181

1981

120,996 155,096 296,821

401,110

822,978

2,425,887

27,647

86,895

119,665 192,532 295,643

644,877

77,964

96,881 167,661 219,373

431,699

1,138,728

1982

120,198 154,839 303,587 414,819

886,628

2,803,329

26,850

85,558

117,652 192,355 296,866

673,662

77,412

95,339 167,508 218,615

435,031

1,268,136

1983

121,956 157,724 311,045

944,228

3,154,610

26,669

86,187

119,394 192,312 301,165

698,630

77,859

96,237 167,378 219,426

439,292

1,405,567

1984

126,765 165,027 331,835 464,285 1,056,715 3,662,801

27,406

88,503 123,326 199,384 316,178

767,150

79,859

99,557

174,113 228,563

467,791

1,606,647

1985

129,958 169,807 345,066 485,276 1,104,429 3,682,181

27,718

90,109 125,993 204,857 330,488

818,012

81,046 101,384 179,476 233,087

511,519

1,617,686

1986

132,799 173,553 350,713 490,198 1,101,606 3,829,903

27,929

92,046 129,263 211,229 337,346

798,462

82,637 102,873 181,811 236,403

453,364

1,586,312

1987

143,788 193,036 423,536

611,856 1,468,542 5,127,612

27,815

94,539

135,411 235,215 397,684 1,061,978

84,668 105,909 200,938 278,411

640,584

2,189,124

1988

159,124 222,031 542,356

820,811 2,147,588 8,199,157

28,092

96,217 141,949 263,901 489,117 1,475,192

85,748 109,194 220,623 320,836

833,740

3,280,750

1989

157,257 217,985 515,522 766,192 1,937,396 7,114,498

27,946

96,530 143,601 264,851 473,391 1,362,163

85,791

110,688 222,332 322,914

797,031

2,889,475

1990

157,015 218,755 524,841 785,436 1,980,412 7,381,113

27,475

95,275 142,234 264,246 486,692 1,380,334

84,645 109,250 221,129 326,754

813,846

3,049,580

1991

149,844 206,369 475,028 695,002 1,701,073 6,277,621

26,730

93,318 139,204 255,054 443,485 1,192,567

83,997 109,463 214,890 310,113

725,221

2,762,541

1992

156,048 218,530 528,278 792,571 2,043,340 7,904,003

26,206

93,566 141,093 263,984 479,879 1,392,156

83,607 108,486 222,585 329,961

816,246

3,288,894

1993

151,670 210,605 492,531 726,198 1,811,576 6,675,014

25,831

92,734 140,124 258,864 454,854 1,271,194

82,959 107,385 221,601 313,719

751,990

2,763,092

1994

154,090 214,054 500,136 735,338 1,830,842 6,741,002

26,117

94,126 142,533 264,935 461,462 1,285,268

83,894 109,558 226,534 320,909

764,520

2,843,083

1995

161,678 227,000 539,484 796,624 1,987,173 7,238,048

26,346

96,356 148,878 282,344 498,987 1,403,743

85,611

112,192 234,230 336,634

806,042

3,141,785

1996

167,379 237,189 573,736 852,937 2,165,693 8,024,247

26,592

97,568 153,052 294,534 524,748 1,514,742

84,617

114,538 246,926 362,792

908,224

3,659,283

1997

176,175 252,087 623,674 939,205 2,451,460 9,267,920

27,339

100,262 159,191 308,142 561,142 1,694,075

87,189

117,673 256,831 380,889

997,455

4,151,611

1998

186,133 268,286 675,796 1,026,023 2,739,596 10,631,400

28,415

103,981 166,408 325,570 597,630 1,862,729

89,930 122,397 271,680 403,501 1,062,517 4,716,126

1999

195,732 284,121 728,147 1,115,271 3,043,692 12,078,436

29,222

107,343 173,114 341,022 633,166 2,039,832

92,564 126,671 283,690 422,871 1,147,132 5,227,031

2000

200,876 293,672 768,593 1,191,333 3,321,063 13,238,586

29,456

108,080 174,942 345,853 658,900 2,219,116

93,156 128,127 287,409 431,223 1,219,842 5,819,480

2001

192,089 276,555 699,188 1,065,135 2,846,607 10,926,093

29,198

107,623 170,896 333,241 619,767 1,948,886

92,859 126,929 279,243 411,932 1,121,027 4,858,175

2002

182,397 259,621 640,759 967,966 2,531,084 9,598,250

28,364

105,174 164,337 313,552 577,186 1,745,844

91,621 124,173 267,322 388,601 1,017,550 4,156,883

2003

181,390 258,448 641,739 973,936 2,588,014 10,204,491

27,788

104,332 162,625 309,543 570,416 1,741,739

90,735 122,874 264,631 382,419 1,006,203 4,204,863

2004

191,002 275,967 721,722 1,116,723 3,091,821 12,775,016

28,236

106,037 164,528 326,720 622,949 2,015,910

92,315 123,408 276,945 407,591 1,128,525 5,019,015

2005

429,777

99,113

Table A5: Top fractiles income levels (including capital gains) in the United States, 1913-2004
(fractiles are defined by total income (excluding capital gains)) (incomes are expressed in 2004 $)
P90-100

P95-100

P99-100

P99.5-100

P99.9-100

P99.99-100

P0-90

P90-95

P95-99

(1)

(2)

(4)
412,204
412,582

(5)
1,205,925
1,176,899

(6)
3,855,744
3,733,435

(7)

(8)

(9)

1913
1914

(3)
251,357
248,393

1915
1916
1917

62,413

242,771
288,271
94,368 273,515

402,686
486,362
442,042

1,273,315
1,545,427
1,294,804

6,021,789
6,890,068
5,137,102

10,216

1918
1919
1920
1921
1922

58,499
57,776
49,943
48,597
55,641

86,041
86,233
72,355
69,295
80,989

233,332
233,771
189,485
176,155
214,378

363,367
359,426
285,054
263,514
326,315

984,416
942,260
690,123
633,006
817,473

3,561,542
3,214,481
2,128,220
1,893,888
2,689,653

9,717
9,660
8,795
7,133
8,125

1923
1924
1925
1926
1927
1928
1929
1930

58,727 84,049 219,056

62,270 89,557 239,696
66,006 98,486 275,844
65,634 98,507 276,758
67,664 102,392 293,371
73,262 112,663 333,966
71,797 110,294 322,558
60,928 88,658 235,503

331,581
365,860
424,685
426,082
455,377
527,674
507,925
357,940

810,381
909,943
1,091,930
1,116,931
1,216,371
1,478,316
1,432,352
935,948

2,617,105
2,992,621
3,897,530
4,122,035
4,585,203
5,911,568
5,893,447
3,565,295

1931
1932
1933
1934
1935

55,919
48,749
46,869
51,155
53,929

78,323
68,691
67,990
74,981
77,631

193,884
163,644
166,985
181,195
197,756

288,233
244,688
250,904
269,975
296,609

726,775
626,276
652,642
667,294
738,651

1936
1937
1938
1939
1940
1941
1942
1943

62,336 91,733
61,561 89,335
56,360 79,480
62,123 87,531
64,659 91,410
69,850 99,241
69,818 99,152
75,289 106,756

250,784
235,657
196,314
217,087
231,495
258,367
256,070
268,971

381,827
355,835
289,662
321,073
343,762
384,749
381,191
395,632

1944
1945
1946
1947
1948

71,899 99,837 243,905

74,831 106,394 261,386
80,871 116,384 280,468
72,654 103,311 244,955
75,308 106,694 255,728

1949
1950
1951
1952
1953
1954
1955
1956
1957

73,697
81,483
80,724
80,731
81,906
84,220
90,778
94,248
93,248

103,040
115,618
112,775
110,911
110,492
114,950
123,993
128,187
126,093

242,589
282,149
267,137
252,861
242,996
256,678
277,053
283,101
274,210

P99-99.5 P99.5-99.9 P99.9-99.99

P90

P95

P99

P99.5

P99.9

P99.99

(10)
(11)
90,510 213,774
84,203 221,503

(12)
911,501
892,839

(13)

(14)

(15)
71,984
66,554

(16)
118,047
110,547

(17)
373,191
357,596

(18)
1,569,707
1,560,358

30,458

82,856 185,029
90,179 221,596
49,581 104,988 228,851

745,707
951,578
867,882

24,285

34,229

56,103 106,750
68,036 123,692
84,638 137,029

393,418
471,175
474,359

1,996,150
2,574,075
2,148,087

30,957
29,320
27,531
27,899
30,294

49,219 103,298 208,104

49,348 108,117 213,718
43,072 93,916 183,786
42,580 88,795 171,141
47,641 102,440 203,525

698,069
689,791
530,334
492,908
609,453

25,900
24,717
25,275
24,400
26,045

34,796
34,794
31,310
30,760
34,312

84,546
88,425
76,602
73,166
82,844

131,135
136,714
120,294
112,459
130,079

402,260
432,210
337,562
313,721
376,615

1,618,131
1,518,804
1,081,081
992,309
1,214,451

9,399
8,930
9,127
9,151
9,203
9,454
10,164
8,885

33,406
34,984
33,527
32,760
32,936
33,860
33,301
33,197

50,297
52,022
54,146
53,944
54,648
57,338
57,228
51,947

106,532
113,531
127,003
127,434
131,366
140,259
137,192
113,066

211,881
229,840
257,874
253,370
265,128
290,013
276,818
213,438

609,634
678,534
780,197
783,031
842,057
985,733
936,675
643,798

28,352
29,477
30,224
29,460
30,162
31,005
30,184
29,465

38,766 85,394 135,737

39,638 91,029 145,131
40,111 100,747 161,827
38,685 102,058 161,378
39,860 104,776 166,083
41,247 110,829 176,207
40,527 110,076 171,959
38,015 93,010 140,391

384,191
415,880
463,473
461,145
484,070
537,726
496,433
381,734

1,198,780
1,381,557
1,608,578
1,655,949
1,870,618
2,301,114
2,125,853
1,406,688

2,684,699
2,048,679
2,223,618
2,189,968
2,446,615

7,780
6,267
6,322
6,898
7,769

33,515
28,807
25,748
27,328
30,228

49,432
44,952
43,242
48,427
47,600

99,534
82,601
83,066
92,415
98,903

178,598
149,291
150,469
170,645
186,099

509,228
468,232
478,089
498,109
548,877

28,780
19,707
19,232
23,219
25,542

36,254
33,662
31,260
33,128
36,865

122,672
101,545
100,962
114,434
122,484

309,145
269,030
269,832
311,024
336,320

1,108,217
1,016,446
1,023,716
1,050,251
1,166,672

954,913
881,327
699,917
771,357
824,197
920,806
895,298
897,405

3,112,083
2,864,128
2,346,910
2,462,024
2,644,985
2,893,911
2,680,475
2,355,345

8,415
8,869
8,259
8,521
8,940
11,089
14,030
17,000

32,939
33,787
33,240
36,715
37,908
40,458
40,483
43,821

51,970 119,740 238,556

52,754 115,479 224,462
50,271 102,967 187,098
55,141 113,101 208,502
56,388 119,228 223,653
59,460 131,986 250,735
59,923 130,950 252,664
66,202 142,311 270,188

715,227
661,016
516,917
583,505
621,887
701,572
696,945
735,411

28,027
29,413
28,773
32,464
35,909
37,081
37,597
38,686

40,693 97,583 151,657

39,548 94,910 145,963
38,359 86,265 127,120
43,043 94,525 139,788
42,520 98,874 150,953
46,180 107,914 167,833
45,969 106,235 166,755
50,668 115,540 182,121

434,699
409,000
327,174
365,456
395,055
446,005
443,503
470,431

1,516,021
1,382,266
1,039,321
1,201,238
1,277,907
1,429,057
1,388,237
1,255,447

353,058
374,394
397,529
346,877
366,163

780,723
808,968
851,434
748,726
799,571

2,206,968
2,131,343
2,411,148
2,173,774
2,284,625

17,090
16,699
16,485
16,112
16,182

43,962
43,269
45,358
41,997
43,922

63,820
67,646
75,364
67,899
69,435

134,752
148,378
163,407
143,033
145,293

246,142
265,751
284,052
246,415
257,811

622,251
662,038
678,133
590,387
634,565

42,209
41,055
40,842
37,140
38,921

50,729 118,497 179,882

51,577 130,305 200,937
53,615 135,692 202,344
47,682 118,626 175,712
51,860 120,764 182,370

445,666
467,093
467,151
401,391
425,229

1,267,187
1,195,205
1,228,457
1,089,546
1,199,008

346,006
405,504
379,185
355,803
338,396
358,309
386,383
394,736
379,409

754,762
904,147
819,113
744,734
698,093
749,244
818,627
815,221
774,152

2,208,586
2,182,103
2,353,280
2,075,079
1,937,821
2,145,177
2,461,606
2,398,060
2,229,451

15,894
17,261
18,067
18,757
19,703
19,406
20,934
22,013
21,991

44,353
47,348
48,672
50,550
53,320
53,490
57,563
60,310
60,403

68,153
73,986
74,185
75,424
77,366
79,518
85,728
89,458
89,064

139,171
158,794
155,089
149,918
147,596
155,046
167,723
171,465
169,011

243,817
280,843
269,203
258,570
248,471
260,575
278,321
289,615
280,724

593,226
762,152
648,650
596,918
560,346
594,141
636,074
639,350
612,452

39,370
43,345
43,599
46,529
47,747
47,896
52,319
53,949
54,665

52,098
53,875
54,631
57,709
59,112
60,312
66,346
68,321
69,126

399,532
463,556
437,666
410,561
388,631
414,440
438,997
451,340
437,738

1,132,948
1,072,392
1,206,132
1,068,868
971,445
1,051,037
1,136,921
1,122,077
1,085,899

82,975
70,346
69,545
76,860
81,932

115,269
129,059
130,553
127,469
126,427
132,027
141,642
144,810
142,669

171,395
197,268
190,305
188,796
183,633
190,481
204,520
207,959
203,172

1958

92,170 124,008 265,468

366,362

746,341

2,155,544

21,305

60,331

88,643 164,573 271,367

589,763

54,601

69,900 139,938 197,616

421,729

1959

98,875 133,302 288,314

402,108

807,774

2,353,764

22,759

64,449

94,549 174,519 300,692

635,997

57,425

76,461 151,823 225,883

459,783

1,055,028
1,112,129

1960
1961

98,261 130,031 275,085

101,825 136,553 289,066

375,716
394,951

769,988
829,325

2,317,311
2,553,456

23,003
23,430

66,490
67,097

93,767 174,454 277,148

98,424 183,180 286,358

598,063
637,755

58,842
59,910

69,754 149,202 206,497

76,626 154,556 210,363

429,394
449,259

1,096,413
1,188,226

1962
1963
1964
1965
1966
1967
1968
1969

103,658
106,780
113,365
119,217
123,768
130,706
137,237
134,449

137,771
141,758
151,301
159,699
166,555
177,421
186,843
180,385

284,985
291,278
315,305
337,673
355,296
384,867
411,507
383,946

387,082
394,192
426,880
459,487
488,868
533,529
574,825
534,090

779,335
790,808
860,427
950,786
1,037,330
1,124,966
1,225,826
1,137,923

2,341,909
2,404,110
2,624,528
2,980,355
3,147,810
3,282,204
3,559,886
3,544,465

23,990
24,661
25,887
27,080
28,151
28,973
30,152
30,443

69,545
71,802
75,429
78,735
80,980
83,990
87,631
88,514

100,967
104,378
110,300
115,206
119,370
125,560
130,677
129,494

182,887
188,364
203,730
215,858
221,725
236,205
248,189
233,802

289,019
295,038
318,493
336,663
351,752
385,669
412,075
383,131

605,716
611,553
664,416
725,279
802,832
885,273
966,486
870,530

62,665 78,159 156,337

65,012 81,747 161,007
68,587 83,975 176,171
72,114 88,390 185,899
72,982 92,493 188,907
75,195 96,663 201,724
78,800 100,858 213,457
79,739 101,578 200,718

216,560
221,259
237,619
251,020
267,769
289,775
305,420
292,084

443,091
450,684
462,913
478,991
548,861
599,317
652,775
587,487

1,087,060
1,096,978
1,177,161
1,280,432
1,427,208
1,507,434
1,572,980
1,503,723

1970
1971
1972
1973
1974

128,167
131,107
137,637
139,068
134,711

168,474
172,968
181,547
182,879
177,138

338,927
349,943
369,056
359,414
352,986

458,397
474,227
499,836
481,414
476,148

918,546
961,988
1,015,394
942,943
954,628

2,670,572
2,802,423
3,041,896
2,578,113
2,635,079

30,390
30,367
31,836
32,427
31,017

87,860
89,247
93,727
95,257
92,283

125,861
128,724
134,669
138,745
133,175

219,457
225,659
238,276
237,414
229,825

343,360
352,287
370,947
366,032
356,528

723,876
757,495
790,227
761,257
767,911

79,134
80,170
84,554
85,515
83,131

99,756
102,072
106,845
109,340
107,156

189,647
196,331
207,448
207,782
200,527

264,039
269,919
285,123
282,440
271,810

511,538
529,452
550,557
537,539
552,414

1,264,776
1,296,038
1,390,387
1,298,964
1,385,809

1975
1976
1977
1978
1979
1980
1981
1982

128,347
131,635
133,288
135,577
136,546
131,756
128,514
129,643

167,150
171,353
173,461
176,401
180,078
173,626
168,327
172,131

327,881
335,835
341,038
347,343
372,105
359,537
344,438
369,091

439,887
452,000
459,511
469,026
516,253
499,889
479,512
526,948

873,864
904,854
924,284
945,599
1,135,333
1,087,523
1,049,896
1,241,628

2,520,206
2,627,113
2,639,482
2,689,622
3,717,813
3,433,628
3,312,197
4,286,468

29,284
30,192
30,496
31,102
30,787
29,004
28,572
27,626

89,544
91,917
93,116
94,753
93,013
89,886
88,702
87,155

126,967
130,232
131,567
133,665
132,072
127,148
124,299
122,891

215,875
219,670
222,564
225,660
227,957
219,185
209,365
211,233

331,393
338,787
343,318
349,883
361,483
352,981
336,916
348,278

690,937
713,492
733,707
751,819
848,390
826,844
798,529
903,313

80,519
82,726
83,675
85,142
83,875
81,159
79,600
78,847

101,547
104,235
105,807
107,178
106,305
102,363
100,652
99,573

188,248
191,676
194,004
197,075
197,610
191,175
182,354
183,925

254,261
259,278
261,944
266,355
274,250
266,028
250,046
256,444

490,873
503,849
513,416
526,344
575,343
561,622
534,661
583,264

1,260,507
1,307,805
1,293,377
1,369,016
1,680,951
1,642,981
1,555,067
1,938,828

1983
1984
1985
1986
1987

134,423
140,244
146,485
165,083
154,631

180,260
189,217
199,192
232,202
211,950

395,113
421,897
451,759
573,009
487,053

569,222
618,059
665,713
870,739
715,919

1,360,846
1,534,988
1,657,825
2,132,847
1,759,676

4,780,993
5,496,504
5,787,108
8,440,541
6,233,980

27,760
28,519
28,972
30,101
28,875

88,587
91,271
93,778
97,965
97,312

126,547
131,047
136,050
147,000
143,174

221,004
225,735
237,804
275,279
258,186

371,316
388,827
417,685
555,212
454,980

980,830
1,094,819
1,199,016
1,431,992
1,262,531

80,014 101,987 192,321 270,496

82,329 105,755 197,060 280,988
84,311 109,432 208,256 294,465
87,885 116,900 236,761 388,783
87,112 111,929 220,461 318,376

616,641
667,379
749,461
812,463
761,209

2,129,889
2,410,191
2,541,399
3,493,345
2,660,246

1988
1989
1990
1991
1992
1993
1994
1995

172,499
168,359
164,746
155,895
163,143
159,825
161,884
172,329

246,363
237,886
232,700
216,906
231,167
225,227
227,720
245,658

635,426
591,107
577,736
511,232
575,631
546,057
550,406
607,002

979,918
893,156
875,116
754,070
872,369
817,997
820,493
908,530

2,645,190 10,357,346
2,340,894 8,980,389
2,258,516 8,702,502
1,875,854 6,899,401
2,293,282 8,899,574
2,103,298 7,854,379
2,087,865 7,795,305
2,318,043 8,425,849

29,016
28,841
28,178
27,345
26,837
26,579
26,832
26,994

98,635
98,832
96,793
94,884
95,119
94,423
96,048
99,001

149,097
149,581
146,441
143,324
145,051
145,019
147,049
155,322

290,933
289,057
280,355
268,393
278,892
274,117
280,319
305,473

563,600
531,222
529,266
473,624
517,141
496,672
503,650
556,152

1,788,284
1,603,173
1,542,517
1,317,682
1,559,249
1,464,289
1,453,705
1,639,398

87,864
87,800
85,970
85,375
84,953
84,424
85,560
87,382

114,642
115,249
112,450
112,660
111,474
111,077
112,967
116,488

243,114
242,550
234,545
226,043
235,041
234,533
239,557
252,547

369,530 1,010,247 4,142,490

362,210 937,657 3,645,752
355,240 909,219 3,594,536
331,063 801,002 3,035,012
355,410 913,773 3,701,360
342,377 865,752 3,249,535
350,056 864,240 3,285,950
373,491 936,642 3,634,021

1996
1997
1998
1999
2000

183,684
198,930
213,431
226,590
233,777

266,198
292,784
316,790
339,061
353,622

681,349
772,004
851,454
924,603
995,876

1,035,104
1,189,755
1,320,634
1,443,540
1,576,885

2,730,819
3,248,008
3,649,018
4,025,440
4,532,150

10,386,320
12,199,347
14,036,907
15,601,349
17,729,115

27,397
28,399
29,753
30,760
31,373

101,170
105,076
110,072
114,118
113,931

162,410
172,979
183,125
192,676
193,059

327,595
354,254
382,274
405,665
414,866

611,175
675,191
738,538
798,065
838,068

1,880,208
2,253,415
2,494,808
2,739,228
3,065,821

87,037
90,342
93,951
97,570
98,473

119,186
124,134
130,397
136,639
138,553

266,113
283,681
304,745
323,552
331,364

409,587
442,740
479,701
513,100
533,989

1,082,766
1,246,040
1,348,800
1,480,075
1,620,407

4,600,557
5,431,202
6,191,986
6,823,800
7,938,181

2001
2002
2003
2004
2005

207,186
193,777
194,791
210,783

303,989
280,335
282,903
311,916

804,773
720,292
735,826
849,009

1,246,726
1,102,717
1,132,987
1,327,115

3,404,921
2,942,674
3,065,187
3,718,975

13,176,001
11,266,809
12,124,919
15,379,218

30,332
29,091
28,663
29,239

110,383
107,219
106,679
109,650

178,793
170,346
169,672
177,643

362,820
337,868
338,665
370,902

707,178
642,727
649,937
729,150

2,319,245
2,017,770
2,058,550
2,423,392

95,210
93,407
92,783
95,386

131,430
127,650
126,920
130,455

297,844
282,578
282,823
308,107

458,875
425,733
427,084
473,194

1,305,797
1,154,647
1,167,887
1,346,032

5,818,174
4,879,220
4,995,506
6,042,366

Table A6: Top fractiles income levels (including capital gains) in the United States, 1913-2004
(fractiles are defined by total income (including capital gains)) (incomes are expressed in 2004 $)
P90-100

P95-100

P99-100

P99.5-100

(1)

(2)

1913
1914

(3)
251,357
248,393

(4)
412,204
412,582

(5)
(6)
1,205,925 3,855,744
1,176,899 3,733,435

1915
1916
1917

62,527

94,595

242,771
294,702
273,787

402,686
499,703
442,779

1,273,315 6,021,789
1,604,643 7,296,645
1,296,845 5,194,463

10,203

1918
1919
1920
1921
1922

58,538
58,341
50,366
48,706
56,299

86,094
87,312
73,131
69,491
82,269

232,964
237,483
191,449
176,389
219,645

362,828
365,782
287,707
263,899
336,282

980,298
959,398
691,605
631,876
854,424

3,582,043
3,308,877
2,146,761
1,904,439
2,928,359

9,713
9,597
8,748
7,121
8,052

1923
1924
1925
1926
1927
1928
1929
1930

59,421
63,341
68,673
67,649
70,230
78,046
76,265
61,802

85,350
91,607
103,733
102,453
107,421
122,127
119,135
90,348

224,182
248,517
299,922
294,642
316,401
379,080
364,966
242,659

341,318
382,285
469,950
460,195
499,526
614,344
589,960
372,069

846,483
968,079
1,262,814
1,251,883
1,392,604
1,827,434
1,781,927
996,695

2,863,406
3,316,235
4,905,013
4,978,547
5,649,628
7,956,028
8,147,831
4,007,703

1931
1932
1933
1934
1935

56,098
48,759
47,319
51,845
55,105

78,665
68,702
68,873
76,354
79,968

195,188
163,572
170,800
185,678
206,532

291,320
244,434
258,681
278,456
312,942

742,217
627,701
685,775
694,055
791,671

1936
1937
1938
1939
1940
1941
1942
1943

64,331 95,650
62,534 91,243
57,601 81,928
63,183 89,612
65,727 93,518
71,136 101,764
70,843 101,194
76,910 109,956

266,310
242,457
205,899
224,531
239,121
267,806
263,323
281,011

410,292
368,256
307,794
334,747
357,949
402,479
394,799
417,669

1944
1945
1946
1947
1948

73,384 102,765
77,496 111,638
84,130 122,713
74,762 107,430
77,362 110,718

254,620
281,764
304,361
260,216
270,497

1949
1950
1951
1952
1953
1954
1955
1956
1957

75,319
84,225
83,259
82,879
83,751
87,075
94,747
97,831
96,051

254,169
303,606
286,807
269,284
256,693
278,899
308,704
312,013
295,852

106,226
120,942
117,773
115,136
114,132
120,623
131,751
135,229
131,633

P99.9-100

P99.99-100

P0-90

P90-95

P95-99

(7)

(8)

(9)

P99-99.5 P99.5-99.9 P99.9-99.99

P90

P95

P99

P99.5

P99.9

P99.99

(10)
(11)
90,510 213,774
84,203 221,503

(12)
911,501
892,839

(13)

(14)

(15)
71,984
66,554

(16)
118,047
110,547

(17)
373,191
357,596

(18)
1,569,707
1,560,358

30,458

82,856 185,029
89,700 223,468
49,797 104,795 229,262

745,707
972,199
863,776

24,285

34,378

56,103 106,750
67,674 124,737
84,484 137,275

393,418
481,386
472,115

1,996,150
2,725,969
2,172,073

30,982
29,371
27,601
27,921
30,328

49,376 103,101 208,460

49,770 109,185 217,378
43,552 95,192 186,732
42,767 88,879 171,905
47,925 103,009 206,746

691,215
698,345
529,921
490,480
623,987

25,921
24,759
25,339
24,419
26,074

34,907
35,091
31,659
30,894
34,516

84,384
89,298
77,643
73,235
83,304

131,359
139,055
122,222
112,961
132,137

398,310
437,570
337,299
312,176
385,596

1,627,445
1,563,405
1,090,499
997,838
1,322,234

9,322
8,811
8,831
8,927
8,917
8,922
9,668
8,788

33,491
35,074
33,614
32,845
33,039
33,965
33,395
33,257

50,642
52,380
54,686
54,405
55,176
57,888
57,677
52,270

215,026 622,381
235,837 707,173
271,734 858,125
262,273 837,809
276,257 919,601
311,072 1,146,479
291,968 1,074,605
215,913 662,139

28,425
29,554
30,302
29,537
30,257
31,101
30,269
29,519

39,032 85,806 137,752

39,911 92,005 148,917
40,511 103,040 170,525
39,016 103,384 167,049
40,246 106,299 173,054
41,643 113,640 189,001
40,846 112,306 181,371
38,251 93,161 142,019

392,224
433,432
509,766
493,406
528,648
625,415
569,535
392,609

1,311,600
1,530,954
2,024,384
2,000,036
2,304,870
3,096,932
2,939,042
1,581,241

2,833,538
2,091,948
2,432,546
2,347,720
2,709,726

7,760
6,266
6,272
6,822
7,638

33,531
28,816
25,765
27,336
30,242

49,534 99,057
44,984 82,710
43,391 82,918
49,023 92,900
48,327 100,122

178,596
148,618
151,908
174,556
193,260

509,849
465,006
491,690
510,314
578,554

28,794
19,713
19,245
23,226
25,553

36,328
33,685
31,368
33,536
37,428

122,671
101,088
101,928
117,057
127,197

309,522
267,177
277,509
318,646
354,504

1,169,656
1,037,914
1,119,903
1,125,905
1,292,137

1,044,521
918,186
768,953
815,040
871,438
985,086
943,507
973,165

3,502,687
3,074,137
2,867,973
2,725,448
2,965,580
3,354,329
3,031,110
2,819,649

8,193
8,761
8,121
8,403
8,821
10,946
13,916
16,820

33,012
33,826
33,274
36,755
37,936
40,508
40,492
43,865

52,985
53,439
50,935
55,882
57,118
60,254
60,662
67,192

122,328
116,658
104,003
114,315
120,293
133,132
131,847
144,354

251,735
230,774
192,505
214,674
229,576
256,828
257,622
278,795

771,392
678,635
535,728
602,772
638,756
721,837
711,551
768,000

28,089
29,447
28,802
32,498
35,935
37,101
37,603
38,724

41,489 99,692 160,035

40,061 95,879 150,067
38,865 87,133 130,793
43,621 95,539 143,926
43,070 99,757 154,950
46,797 108,851 171,911
46,536 106,963 170,028
51,426 117,198 187,922

468,834
419,901
339,080
377,523
405,770
458,888
452,798
491,278

1,706,300
1,483,619
1,270,071
1,329,764
1,432,800
1,656,418
1,569,833
1,502,931

372,757
411,444
440,708
374,973
393,300

847,672
936,342
1,006,756
852,845
895,974

2,627,781
2,844,228
3,376,312
2,837,257
2,884,470

16,925
16,403
16,123
15,878
15,954

44,002
43,354
45,546
42,094
44,005

64,802
69,107
77,301
69,234
70,773

136,483
152,083
168,015
145,459
147,694

254,028
280,219
299,196
255,505
267,632

649,883
724,354
743,472
632,355
675,030

42,247
41,135
41,012
37,226
38,995

51,510
52,691
54,993
48,620
52,859

120,020
133,558
139,519
120,638
122,760

185,646
211,877
213,132
182,194
189,317

465,456
511,060
512,162
429,923
452,345

1,508,807
1,594,974
1,720,200
1,422,099
1,513,816

367,423
443,818
415,063
386,119
364,085
399,330
444,589
450,479
420,964

830,408
1,039,794
946,625
855,491
792,008
903,710
1,037,144
1,019,271
926,870

2,692,985
2,888,832
3,117,135
2,716,249
2,506,186
3,025,583
3,675,509
3,501,368
3,065,586

15,713
16,956
17,785
18,519
19,498
19,089
20,492
21,615
21,679

44,412
47,508
48,745
50,621
53,371
53,527
57,744
60,433
60,470

69,240
75,276
75,514
76,600
78,491
81,054
87,513
91,034
90,578

140,915
163,395
158,551
152,449
149,302
158,468
172,820
173,548
170,741

251,677
294,824
282,173
268,775
257,104
273,235
296,450
308,280
294,487

623,455
834,345
705,457
648,740
601,544
667,947
743,992
743,482
689,235

39,423
43,491
43,664
46,594
47,792
47,930
52,483
54,059
54,725

52,929
54,814
55,610
58,609
59,972
61,477
67,727
69,524
70,301

116,713
132,798
133,467
129,620
127,888
134,941
145,946
146,569
144,129

176,921
207,088
199,473
196,247
190,013
199,736
217,841
221,361
213,133

419,891
507,466
475,996
446,204
417,205
465,923
513,478
524,851
492,618

1,381,432
1,419,713
1,597,633
1,399,133
1,256,372
1,482,395
1,697,575
1,638,327
1,493,155

107,046
114,749
129,893
129,089
133,275
143,816
139,972
113,250

82,577
70,439
69,420
77,264
82,941

1958

95,287 130,185

289,757

412,715

3,070,447

20,959

60,388

90,292 166,799 287,452

674,138

54,653

71,200 141,831 209,329

482,064

1,502,825

1959

103,271 142,072

323,369

468,663

1,047,726 3,626,624

22,271

64,470

96,748 178,075 323,897

761,182

57,443

78,240 154,916 243,315

550,284

1,713,542

1960
1961

102,197 137,835
107,112 146,974

306,347
332,725

435,300
478,815

991,905 3,586,941
1,141,726 4,322,318

22,566
22,842

66,558 95,707 177,394 296,149

67,250 100,536 186,634 313,087

703,568
788,327

58,903
60,047

71,197 151,716 220,654

78,270 157,470 229,999

505,144
555,328

1,697,126
2,011,347

1962
1963
1964
1965
1966
1967
1968
1969

107,698
111,060
119,224
126,235
126,986
134,837
142,387
138,579

145,761
150,189
162,792
173,314
172,876
185,570
197,363
188,566

317,968
325,984
362,942
395,312
383,737
420,333
458,162
422,791

450,955
460,073
511,574
560,746
544,490
600,879
665,127
608,224

1,020,791
1,034,147
1,168,049
1,326,601
1,276,685
1,439,404
1,643,759
1,508,633

3,709,362
3,768,210
4,510,027
5,405,463
4,864,490
5,544,449
6,598,670
6,364,107

23,541
24,185
25,236
26,301
27,793
28,514
29,580
29,984

69,634
71,932
75,656
79,155
81,097
84,104
87,411
88,592

102,709
106,240
112,755
117,815
120,160
126,879
132,164
130,010

184,981
191,894
214,309
229,877
222,984
239,787
251,196
237,358

308,495 722,061
316,555 730,362
347,455 796,718
369,283 873,394
361,441 878,040
391,247 983,288
420,469 1,093,213
383,122 969,136

62,745 79,508 158,127

65,130 83,205 164,024
68,793 85,844 185,319
72,498 90,392 197,973
73,089 93,105 189,980
75,297 97,678 204,783
78,603 102,006 216,043
79,809 101,982 203,771

231,154
237,395
259,227
275,342
275,145
293,966
311,642
292,077

528,199
538,240
555,091
576,809
600,278
665,672
738,368
654,032

1,721,801
1,719,407
2,022,851
2,322,317
2,205,547
2,546,426
2,915,704
2,699,943

1970
1971
1972
1973
1974

131,054
134,817
142,459
143,634
137,853

174,027
180,023
191,030
191,441
183,076

362,521
380,106
408,795
394,819
377,545

502,174
530,884
575,170
543,277
522,036

1,114,780
1,208,265
1,325,860
1,189,346
1,129,118

4,001,763
4,503,943
4,997,295
4,056,561
3,637,262

30,069
29,955
31,300
31,920
30,668

88,082
89,612
93,888
95,826
92,630

126,903
130,003
136,588
140,597
134,458

222,868
229,327
242,420
246,361
233,053

349,022
361,539
387,498
381,760
370,266

79,334
80,497
84,699
86,027
83,443

100,583
103,086
108,368
110,799
108,189

192,594
199,522
211,056
215,612
203,344

268,393
277,008
297,844
294,576
282,283

561,095
588,572
639,523
614,866
611,779

1,895,224
2,082,941
2,284,158
2,043,869
1,912,865

1975
1976
1977
1978
1979
1980
1981
1982

131,024
134,778
136,938
139,132
141,513
136,035
133,222
133,653

172,289
177,275
180,427
183,116
189,703
182,001
177,686
180,292

347,721
357,416
368,004
371,888
411,882
393,615
386,321
408,378

475,603
489,594
507,008
511,995
588,065
561,613
557,929
602,595

1,005,034
1,046,625
1,104,175
1,100,213
1,422,589
1,339,220
1,375,355
1,579,588

3,317,757
3,468,680
3,766,152
3,558,189
5,678,571
5,013,863
5,267,663
6,558,502

28,986
29,843
30,091
30,707
30,235
28,528
28,049
27,180

89,758
92,282
93,449
95,149
93,323
90,069
88,758
87,013

128,432
132,239
133,533
135,923
134,158
129,097
125,527
123,271

219,838
225,237
229,000
231,782
235,699
225,616
214,713
214,161

343,245 748,065
350,337 777,508
357,717 808,400
364,940 827,105
379,434 949,702
367,211 930,926
353,573 942,876
358,346 1,026,376

80,711
83,055
83,974
85,497
84,154
81,325
79,650
78,719

102,718
105,842
107,389
108,989
107,984
103,932
101,647
99,880

191,704
196,534
199,615
202,422
204,322
196,785
187,013
186,475

263,354
268,117
272,931
277,818
287,869
276,752
262,408
263,858

531,459
549,055
565,683
579,051
644,048
632,318
631,310
662,725

1,659,411
1,726,747
1,845,459
1,811,116
2,567,478
2,399,119
2,473,152
2,966,500

1983
1984
1985
1986
1987

139,804
145,808
152,960
177,139
158,532

190,993
200,731
212,714
257,127
220,012

444,029
475,874
515,922
693,973
524,858

663,287
717,554
783,936
1,100,624
783,291

1,775,649
1,977,069
2,165,676
3,225,433
2,030,693

7,240,234
8,547,694
9,106,468
14,581,656
7,908,006

27,163
27,901
28,253
28,762
28,442

88,614
90,886
93,206
97,151
97,052

127,734
131,946
136,912
147,916
143,801

224,772
234,194
247,908
287,322
266,425

385,196
402,675
438,501
569,422
471,440

1,168,473
1,247,000
1,394,477
1,963,630
1,377,658

80,039 102,943 195,600 280,607 734,611 3,225,457

81,982 106,481 204,444 290,996 760,145 3,748,123
83,797 110,126 217,104 309,140 871,636 3,999,090
87,155 117,629 247,119 398,733 1,114,095 6,035,010
86,879 112,420 227,496 329,894 830,621 3,374,608

1988
1989
1990
1991
1992
1993
1994
1995

176,183
171,532
167,239
158,974
165,201
162,348
164,503
174,887

254,022
244,327
237,676
222,894
235,237
230,108
233,089
251,023

671,855
619,913
599,484
537,103
593,698
568,105
574,076
632,624

1,048,672
948,193
915,713
802,852
906,405
860,061
865,978
960,937

2,948,341
2,567,305
2,436,701
2,059,388
2,440,824
2,286,758
2,300,833
2,577,172

12,413,288
10,504,289
9,762,367
7,867,310
9,967,580
9,249,783
9,256,351
10,228,125

28,606
28,488
27,901
27,003
26,609
26,299
26,541
26,709

98,344
98,737
96,803
95,054
95,164
94,588
95,917
98,751

149,563
150,431
147,223
144,341
145,622
145,609
147,842
155,623

295,039
291,633
283,256
271,355
280,992
276,149
282,174
304,311

573,754
543,415
535,466
488,717
522,800
503,387
507,265
556,878

1,896,680
1,685,418
1,622,738
1,414,064
1,604,518
1,513,089
1,527,997
1,727,066

87,605
87,715
85,979
85,528
84,993
84,571
85,443
87,348

115,001
115,904
113,051
113,459
111,913
111,528
113,577
116,702

246,546
244,712
236,971
228,537
236,811
236,271
241,143
252,071

376,188 1,071,482 4,964,777

370,524 985,760 4,264,406
359,402 956,505 4,032,310
341,613 859,591 3,460,791
359,299 940,302 4,145,547
347,006 894,604 3,826,845
352,568 908,408 3,901,824
374,348 987,863 4,416,254

1996
1997
1998
1999
2000

187,091
202,916
218,426
233,940
245,715

273,271 717,964 1,110,656

301,266 818,820 1,287,113
328,137 918,534 1,460,858
354,587 1,009,079 1,614,606
377,870 1,110,766 1,801,815

3,115,036
3,720,255
4,328,969
4,844,020
5,613,962

13,157,153
16,026,415
18,877,883
21,214,613
26,183,348

27,018
27,956
29,198
29,944
30,046

100,912
104,567
108,715
113,292
113,559

162,098
171,877
180,538
190,964
194,646

325,272
350,527
376,210
403,551
419,718

609,562
678,827
743,831
807,253
848,778

1,999,245
2,352,904
2,712,422
3,025,065
3,328,474

86,321
89,627
92,793
96,216
98,704

117,674
122,748
128,406
133,466
139,900

267,412
287,766
303,777
325,710
344,120

404,116
439,184
475,220
509,483
529,739

1,103,775
1,266,923
1,415,096
1,561,378
1,697,636

5,322,348
6,377,488
7,480,671
8,370,723
9,600,901

2001
2002
2003
2004
2005

215,229
199,641
201,601
219,153

320,315
292,208
296,694
329,063

4,018,584
3,344,507
3,561,865
4,349,783

17,766,474
14,314,725
15,810,387
20,161,231

29,438
28,439
27,907
28,309

110,143
107,073
106,507
109,242

181,674
173,171
172,468
180,641

374,152
348,711
349,259
384,172

714,860
648,878
656,955
739,221

2,491,041
2,125,593
2,200,918
2,592,956

95,988
93,276
92,630
95,155

133,761
128,599
127,840
131,443

309,647
289,384
289,398
316,806

467,367
434,434
435,765
487,171

1,353,637
1,189,025
1,212,092
1,409,886

6,670,682
5,579,836
5,859,779
7,166,178

874,879
768,357
793,598
922,753

1,375,605
1,188,004
1,237,937
1,461,334

913,769

794,004
842,079
917,922
870,767
850,435

Table A7: Income composition by sources of income and by fractiles of total income in the United States, 1916-2004
(wage income, entrepreneurial income, dividends, interest and rents are expressed in % of total income (excluding capital gains) of each fractile)
P90-100

P95-100

P99-100

P99.5-100

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

1916

1916

1916

19.5

32.8

32.4

9.3

6.0

1916

16.5

31.7

36.7

9.5

5.6

1917

1917

31.4

31.4

23.5

7.7

5.9

1917

24.4

22.2

37.3

11.4

4.6

1917

21.7

19.0

43.1

12.0

4.1

1918

46.1

25.8

14.4

8.0

5.6

1918

38.2

28.2

19.0

9.0

5.7

1918

27.6

26.7

29.8

10.9

5.0

1918

25.7

24.2

34.5

11.3

4.3

1919

47.7

28.3

12.1

7.1

4.8

1919

39.4

31.7

15.8

8.2

5.0

1919

28.7

31.8

24.9

10.2

4.4

1919

26.0

30.4

28.7

10.8

4.0

1920

52.0

22.4

13.8

7.4

4.4

1920

44.7

25.4

17.1

8.2

4.7

1920

32.1

26.6

27.3

9.6

4.4

1920

28.8

25.8

31.2

10.0

4.2

1921

58.0

17.6

11.9

7.4

5.0

1921

49.0

20.5

16.4

8.7

5.4

1921

35.5

22.5

26.4

10.2

5.4

1921

31.5

22.0

30.7

10.7

5.2

1922

54.3

19.1

12.6

7.7

6.3

1922

45.7

21.6

16.9

8.8

7.0

1922

32.0

22.1

27.4

10.5

8.0

1922

28.0

21.2

31.9

10.9

8.0

1923

45.6

24.3

14.0

8.3

7.7

1923

39.6

25.4

17.8

9.1

8.0

1923

32.2

20.9

29.0

9.9

8.0

1923

28.1

20.0

34.0

10.1

7.8

1924

44.3

25.1

13.8

8.6

8.3

1924

39.4

25.7

17.4

9.2

8.3

1924

31.4

22.3

29.0

9.8

7.5

1924

27.6

20.5

34.5

10.1

7.3

1925

43.2

25.7

14.8

8.3

8.1

1925

39.3

26.0

18.3

8.6

7.9

1925

29.7

23.7

29.5

9.5

7.5

1925

25.9

22.2

34.8

9.8

7.3

1926

43.2

23.7

16.7

8.6

7.8

1926

39.1

24.2

20.3

8.8

7.6

1926

29.4

21.3

32.2

9.9

7.2

1926

25.7

19.4

37.8

10.1

7.0

1927

44.2

22.5

17.2

9.0

7.1

1927

39.8

22.8

21.0

9.4

7.0

1927

29.2

20.7

32.8

10.3

7.0

1927

25.3

19.1

38.3

10.5

6.8

1928

45.5

20.9

18.2

8.9

6.4

1928

40.6

21.4

22.2

9.3

6.5

1928

28.6

21.3

32.9

10.5

6.7

1928

24.5

20.2

38.2

10.7

6.4

1929

45.2

20.2

19.0

8.8

6.8

1929

40.4

20.7

23.0

9.1

6.8

1929

28.4

20.3

33.8

10.4

7.0

1929

24.2

18.9

39.3

10.8

6.9

1930

49.1

15.8

19.1

9.4

6.6

1930

44.5

15.6

23.8

9.5

6.6

1930

32.4

15.5

34.9

10.3

6.9

1930

27.8

13.9

40.9

10.6

6.9

1931

51.6

14.0

18.1

9.6

6.7

1931

47.2

13.8

22.4

9.9

6.7

1931

37.0

14.3

31.4

10.5

6.9

1931

31.6

13.1

37.2

10.9

7.1

1932

58.1

11.3

15.4

8.9

6.3

1932

53.2

11.4

18.8

9.9

6.8

1932

43.3

12.2

27.1

10.4

6.9

1932

36.7

12.1

32.4

11.3

7.5

1933

59.0

15.6

11.7

8.0

5.7

1933

53.8

15.7

15.1

8.8

6.6

1933

44.3

16.6

23.2

9.5

6.5

1933

37.9

17.2

28.0

10.1

6.8

1934

60.2

15.4

12.4

6.5

5.5

1934

52.9

16.3

16.7

7.6

6.5

1934

42.6

17.1

26.1

7.8

6.3

1934

36.3

16.8

31.5

8.8

6.6

1935

60.0

15.9

12.5

6.0

5.6

1935

52.4

17.3

16.9

6.8

6.6

1935

41.7

18.4

26.6

6.8

6.4

1935

35.7

17.4

32.4

7.7

6.7

1936

56.5

17.0

15.7

4.7

6.1

1936

48.0

18.5

21.5

5.0

6.9

1936

36.1

19.0

33.7

4.8

6.4

1936

30.7

17.6

39.8

5.4

6.5

1937

59.6

15.8

15.7

3.8

5.0

1937

53.8

16.8

20.3

3.9

5.2

1937

36.3

18.4

34.0

4.9

6.4

1937

31.7

16.8

40.1

5.0

6.5

1938

63.1

16.6

11.5

3.9

4.9

1938

58.2

17.4

15.3

4.0

5.1

1938

42.3

20.1

26.2

5.2

6.3

1938

37.9

19.0

31.4

5.3

6.4

1939

62.4

16.8

12.8

3.4

4.6

1939

56.4

18.4

16.6

3.7

5.0

1939

39.5

21.2

28.2

4.7

6.3

1939

35.1

19.8

33.8

4.9

6.4

1940

63.4

16.8

12.7

2.8

4.3

1940

55.2

19.6

16.9

3.4

5.0

1940

39.4

22.4

27.9

4.1

6.2

1940

35.4

21.0

33.2

4.2

6.3

1941

61.4

20.9

11.5

2.3

3.9

1941

52.2

24.7

15.6

2.8

4.7

1941

38.4

28.9

24.3

3.2

5.3

1941

35.2

28.1

28.3

3.1

5.3

1942

60.1

25.4

8.9

1.8

3.7

1942

52.0

29.9

11.8

2.3

4.0

1942

35.7

37.8

19.0

2.8

4.7

1942

32.7

38.0

21.9

2.8

4.6

1943

57.0

30.0

7.9

1.6

3.5

1943

47.7

36.2

10.6

2.0

3.6

1943

30.0

46.6

16.8

2.5

4.1

1943

27.3

47.0

19.2

2.5

3.9

1944

61.1

27.6

6.9

1.5

2.9

1944

48.9

36.0

9.6

1.9

3.6

1944

30.8

46.8

15.7

2.4

4.2

1944

28.1

46.9

18.3

2.5

4.2

1945

57.4

31.3

6.8

1.5

3.0

1945

45.2

39.8

9.4

1.9

3.6

1945

29.7

48.7

15.0

2.4

4.2

1945

27.4

48.2

17.7

2.6

4.2

1946

54.0

33.6

7.8

1.5

3.1

1946

43.4

40.6

10.5

1.9

3.6

1946

31.5

45.2

16.6

2.4

4.2

1946

29.3

44.1

19.8

2.5

4.3

1947

56.4

30.3

8.5

1.4

3.3

1947

45.9

36.6

11.7

1.8

4.0

1947

34.4

39.4

19.2

2.2

4.8

1947

31.9

37.7

23.1

2.3

5.0

1948

59.7

27.0

8.6

1.4

3.3

1948

49.1

33.4

11.9

1.7

4.0

1948

35.1

37.6

20.1

2.2

4.9

1948

32.4

35.7

24.5

2.3

5.1

1949

62.9

23.1

8.9

1.6

3.6

1949

53.0

28.5

12.3

1.9

4.3

1949

37.6

33.3

21.1

2.5

5.5

1949

34.4

31.6

25.7

2.6

5.7

1950

63.1

23.0

8.9

1.5

3.5

1950

52.7

28.8

12.3

1.9

4.3

1950

36.0

34.6

21.5

2.5

5.5

1950

32.7

33.1

25.9

2.6

5.7

1951

64.0

22.5

8.6

1.5

3.4

1951

53.4

28.5

12.1

1.8

4.1

1951

37.1

34.4

20.9

2.4

5.3

1951

33.8

33.3

25.0

2.4

5.5

1952

65.7

21.6

8.0

1.5

3.2

1952

55.7

27.3

11.2

1.9

3.9

1952

37.7

34.4

20.0

2.5

5.4

1952

34.7

32.7

24.4

2.6

5.6

1953

68.2

19.9

7.4

1.5

3.0

1953

58.1

25.7

10.5

1.9

3.8

1953

40.4

32.7

19.1

2.6

5.2

1953

37.5

31.0

23.4

2.7

5.5

1954

67.0

20.5

7.7

1.5

3.3

1954

58.3

25.1

10.9

1.8

3.9

1954

39.4

32.9

19.8

2.9

5.0

1954

36.4

31.1

24.1

3.0

5.3

1955

67.6

20.4

8.0

1.5

2.5

1955

60.0

24.4

10.9

1.7

2.9

1955

39.2

33.2

21.4

2.9

3.4

1955

36.8

30.6

26.5

3.0

3.1

1956

67.0

20.8

7.9

1.5

2.8

1956

58.6

25.3

11.1

1.9

3.2

1956

39.3

32.0

21.6

2.9

4.2

1956

36.4

28.1

28.1

3.0

4.4

1957

67.9

19.7

8.3

1.9

2.2

1957

57.5

25.4

11.8

2.4

2.9

1957

40.2

31.8

21.1

3.1

3.9

1957

36.5

28.7

27.6

3.2

4.0

1958

68.9

19.1

7.8

2.0

2.2

1958

58.5

24.7

11.3

2.6

2.9

1958

40.8

31.6

20.2

3.3

4.0

1958

37.1

28.3

26.9

3.5

4.1

1959

68.6

19.2

8.1

2.2

2.0

1959

57.5

25.4

11.6

2.8

2.7

1959

40.6

32.2

20.0

3.5

3.7

1959

36.6

29.4

26.4

3.7

3.9

1960

70.1

17.7

7.8

2.3

2.1

1960

59.0

23.7

11.4

3.0

2.8

1960

42.5

30.1

19.7

3.8

4.0

1960

38.2

26.7

26.8

4.0

4.3

1961

70.6

17.6

7.4

2.5

1.9

1961

61.1

22.9

10.5

3.1

2.5

1961

42.0

30.9

19.7

3.9

3.5

1961

37.8

27.6

26.9

4.1

3.7

1962

70.7

17.5

7.2

2.7

1.8

1962

61.0

22.9

10.3

3.3

2.4

1962

42.1

30.8

19.4

4.3

3.4

1962

38.1

27.1

26.8

4.4

3.6

1963

70.8

17.0

7.4

3.1

1.7

1963

61.5

22.1

10.4

3.7

2.2

1963

42.4

29.9

19.9

4.6

3.2

1963

37.9

26.6

27.3

4.8

3.4

1964

69.0

18.4

8.0

3.3

1.3

1964

59.8

23.6

11.0

3.9

1.7

1964

42.7

28.5

21.8

4.7

2.4

1964

37.6

27.0

28.1

4.8

2.5

1965

68.1

19.4

7.8

3.5

1.2

1965

59.9

23.9

10.7

4.0

1.5

1965

42.3

28.8

21.9

4.9

2.1

1965

37.5

27.7

27.6

5.0

2.2

1966

69.9

18.0

6.9

3.4

1.7

1966

60.2

23.7

9.9

4.0

2.2

1966

40.9

32.6

18.5

4.9

3.2

1966

37.2

31.6

22.9

4.9

3.5

1967

70.3

18.0

6.7

3.6

1.5

1967

60.9

23.6

9.4

4.2

1.9

1967

41.8

33.1

17.5

5.0

2.7

1967

38.0

32.5

21.7

5.0

2.8

1968

70.8

17.3

6.7

3.8

1.4

1968

61.2

22.8

9.5

4.5

1.9

1968

42.0

31.5

18.3

5.4

2.7

1968

37.3

31.1

23.2

5.6

2.8

1969

72.2

16.5

6.1

3.8

1.3

1969

63.3

21.9

8.6

4.5

1.7

1969

43.9

31.1

16.6

5.9

2.5

1969

39.9

29.7

21.0

6.5

2.8

1970

73.7

15.2

5.6

4.2

1.3

1970

65.2

20.2

7.9

5.0

1.8

1970

45.6

30.0

14.9

6.5

2.9

1970

41.0

30.0

18.8

7.0

3.2

1971

74.8

14.3

5.1

4.4

1.3

1971

66.3

19.2

7.4

5.3

1.8

1971

47.6

28.8

14.0

6.8

3.0

1971

42.5

29.1

17.8

7.2

3.5

1972

74.6

14.5

5.1

4.4

1.4

1972

66.2

19.3

7.2

5.3

2.0

1972

49.3

27.2

13.6

6.6

3.2

1972

46.2

26.4

16.9

7.0

3.5

1973

73.2

15.4

5.1

4.8

1.5

1973

64.9

20.2

7.1

5.7

2.1

1973

49.1

27.2

13.3

7.1

3.2

1973

45.7

26.7

16.6

7.5

3.5

1974

72.7

14.9

5.2

5.4

1.8

1974

64.8

19.5

7.0

6.3

2.4

1974

49.4

26.2

12.9

7.9

3.6

1974

45.6

25.5

16.1

8.6

4.2

1975

75.5

13.0

4.9

5.0

1.6

1975

68.1

17.1

6.8

5.8

2.3

1975

52.9

23.4

12.7

7.3

3.7

1975

49.7

22.6

15.7

7.7

4.3

1976

76.1

12.4

4.9

5.1

1.5

1976

69.2

16.2

6.8

5.8

2.0

1976

54.7

22.0

12.8

7.0

3.6

1976

52.0

20.9

15.9

7.0

4.2

1977

76.6

11.9

5.0

5.1

1.4

1977

69.8

15.6

6.9

5.7

1.9

1977

56.1

21.0

12.8

6.7

3.4

1977

53.3

20.1

15.7

6.9

4.0

1978

76.9

11.9

4.9

5.0

1.4

1978

70.5

15.2

6.7

5.7

1.9

1978

58.1

19.6

12.4

6.5

3.4

1978

55.0

18.9

15.4

6.7

4.0

1979

77.5

10.6

4.9

5.7

1.3

1979

71.0

13.6

6.8

6.7

1.9

1979

59.0

17.0

12.5

8.0

3.5

1979

56.3

15.7

15.6

8.3

4.1

1980

78.1

8.3

5.1

7.2

1.3

1980

72.3

10.3

7.0

8.4

1.9

1980

60.5

13.3

12.5

10.0

3.6

1980

57.7

12.5

15.3

10.3

4.3

1981

79.0

5.7

5.0

9.3

1.1

1981

73.8

6.8

6.9

10.8

1.7

1981

62.7

7.8

12.4

13.3

3.7

1981

59.8

6.6

15.1

14.0

4.6

1982

79.4

5.1

5.3

9.0

1.2

1982

73.9

6.5

7.2

10.5

1.9

1982

62.6

8.2

12.3

12.9

3.9

1982

59.3

7.6

14.9

13.1

5.0

1983

81.0

5.9

4.6

7.7

0.8

1983

76.4

7.3

6.3

8.8

1.3

1983

65.5

9.8

11.0

10.7

3.0

1983

61.8

10.0

13.0

11.3

3.9

1984

80.6

6.2

4.1

8.6

0.6

1984

75.5

7.7

5.6

10.1

1.1

1984

66.1

9.9

8.9

12.4

2.7

1984

63.5

10.0

10.3

12.9

3.2

1985

80.3

6.6

4.2

8.3

0.6

1985

75.2

8.4

5.7

9.6

1.2

1985

63.6

11.0

9.6

12.3

3.4

1985

59.3

11.7

11.2

13.2

4.7

1986

81.2

7.1

4.6

6.9

0.2

1986

76.4

8.8

6.1

8.1

0.6

1986

65.7

11.1

10.8

10.6

1.7

1986

61.5

11.3

13.1

11.7

2.5

1987

79.5

9.7

4.0

6.7

0.1

1987

74.2

12.5

5.1

7.9

0.4

1987

63.9

17.2

7.2

10.4

1.4

1987

61.2

17.8

8.0

11.3

1.7

1988

76.3

12.3

4.3

6.8

0.3

1988

70.5

15.5

5.3

8.0

0.7

1988

59.8

21.2

7.6

10.0

1.5

1988

56.9

22.5

8.5

10.5

1.6

1989

75.0

12.5

4.2

7.9

0.5

1989

68.8

15.9

5.2

9.1

0.9

1989

56.7

22.3

7.4

11.8

1.8

1989

52.9

23.8

8.2

12.8

2.2

1990

75.6

12.3

3.9

7.6

0.6

1990

69.8

15.7

4.7

8.8

1.0

1990

57.9

22.3

6.8

11.1

2.0

1990

54.1

24.0

7.5

12.1

2.3

1991

76.2

12.5

3.7

7.0

0.7

1991

70.1

16.0

4.5

8.2

1.1

1991

57.4

23.0

6.6

11.0

2.1

1991

53.1

24.8

7.3

12.4

2.4

1992

78.1

13.0

3.3

4.8

0.9

1992

72.6

16.7

4.0

5.4

1.3

1992

61.6

23.6

5.4

7.1

2.3

1992

58.6

25.1

5.9

7.9

2.5

1993

78.8

13.1

3.2

3.9

1.0

1993

73.4

16.8

3.8

4.5

1.4

1993

62.1

23.8

5.3

6.2

2.6

1993

58.7

25.7

5.8

6.8

3.0

1994

77.9

14.1

3.2

3.7

1.1

1994

72.0

18.2

3.9

4.4

1.6

1994

59.1

26.8

5.3

6.1

2.7

1994

54.7

29.3

6.0

6.9

3.1

1995

76.8

14.2

3.1

3.7

1.1

1995

70.8

18.4

3.7

4.4

1.5

1995

58.3

26.8

5.0

5.8

2.4

1995

54.5

29.1

5.5

6.4

2.7

1996

76.3

14.5

3.2

3.8

1.2

1996

70.6

18.5

3.8

4.3

1.6

1996

58.7

26.6

5.1

5.6

2.4

1996

55.1

28.8

5.5

6.1

2.7

1997

76.1

14.6

3.4

3.6

1.2

1997

70.4

18.5

4.0

4.2

1.7

1997

59.3

26.2

5.1

5.3

2.5

1997

55.8

28.4

5.4

5.8

2.7

1998

76.2

14.9

3.1

3.5

1.2

1998

70.6

18.8

3.6

4.0

1.6

1998

60.0

26.1

4.7

5.1

2.3

1998

57.0

28.0

5.0

5.6

2.5

1999

76.1

15.0

3.2

3.2

1.3

1999

70.9

18.6

3.7

3.7

1.6

1999

61.0

25.6

4.6

4.7

2.2

1999

58.3

27.3

4.9

5.1

2.4

2000

77.2

14.8

3.5

3.6

1.3

2000

72.5

18.2

4.0

4.1

1.6

2000

63.0

24.7

5.0

5.1

2.2

2000

60.7

26.0

5.2

5.5

2.3

2001

77.9

15.0

2.7

3.4

1.3

2001

72.6

18.9

3.2

3.9

1.8

2001

61.7

26.5

4.2

5.1

2.5

2001

58.1

28.8

4.6

5.6

2.7

2002

77.8

15.2

2.6

3.0

1.5

2002

72.9

18.8

3.1

3.4

1.9

2002

61.2

27.4

4.2

4.6

2.7

2002

56.9

30.3

4.7

5.2

2.9

2003

77.6

15.3

3.0

2.6

1.5

2003

72.6

19.0

3.6

3.0

1.9

2003

60.2

27.7

5.2

4.2

2.8

2003

55.6

30.7

5.9

4.8

3.0

2004

76.5

16.2

3.6

2.3

1.5

2004

71.4

19.8

4.3

2.7

1.9

2004

60.6

27.4

5.8

3.7

2.5

2004

56.4

30.3

6.6

4.2

2.8

2005

2005

2005

2005

Notes: Groups ranked by income (AGI + adjustments) excluding realized capital gains and SS and UI benefits.
Wages is defined as wages and salaries and pensions (and includes bonuses, stock-option exercises, etc.). Entrep. is profits from S-Corporations (entities not subject
to corporate taxes and taxed only at the individual level) plus profits from Partnerships plus profits from sole proprietorship businesses (Schedule C income) plus farm income.
Divid. is dividends distributed. Interest is interest income. Rents is rental income. The sums of all sources add up to 100%
(other forms of income are very small and excluded from the decomposition).

Table A7: Income composition by sources of income and by fractiles of total income in the United States, 1916-2004 (continued)
(wage income, entrepreneurial income, dividends, interest and rents are expressed in % of total income (excluding capital gains) of each fractile)
P99.9-100

P99.99-100

P90-95

P95-99

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

1916

10.2

28.3

47.3

9.6

4.6

1916

5.6

24.3

56.8

9.3

4.0

1916

1917

15.4

16.0

52.7

12.9

3.1

1917

8.4

13.8

61.2

14.3

2.4

1917

1916
1917

41.3

44.4

4.1

2.6

7.7

1918

19.2

22.5

42.7

12.4

3.2

1918

10.1

23.5

49.5

14.3

2.6

1918

67.9

18.5

2.5

5.6

5.5

1918

50.7

29.8

6.2

6.9

6.4

1919

19.0

30.7

35.4

11.6

3.3

1919

10.0

31.8

42.6

12.9

2.7

1919

71.2

18.2

2.2

4.0

4.4

1919

52.1

31.5

4.8

5.9

5.7

1920

21.1

25.5

39.2

10.5

3.7

1920

11.6

25.4

48.7

11.0

3.4

1920

73.2

15.3

2.6

5.3

3.6

1920

58.6

24.1

5.6

6.8

4.9

1921

23.1

21.7

39.9

10.9

4.5

1921

13.5

21.3

51.0

10.2

4.0

1921

79.0

10.8

1.4

4.6

4.1

1921

62.8

18.7

6.0

7.2

5.4

1922

20.0

20.0

41.4

10.9

7.6

1922

11.2

18.1

52.6

10.3

7.8

1922

75.7

12.9

1.8

4.9

4.7

1922

60.5

21.1

5.3

7.1

6.0

1923

20.2

17.7

44.7

10.1

7.3

1923

12.2

13.5

57.6

9.7

7.1

1923

61.8

21.8

2.8

6.5

7.1

1923

48.0

29.9

5.8

8.3

7.9

1924

20.1

17.2

45.8

10.2

6.6

1924

12.4

13.5

58.1

9.5

6.5

1924

58.1

23.5

3.0

7.2

8.2

1924

48.5

29.2

4.7

8.5

9.1

1925

18.7

20.2

45.3

9.5

6.4

1925

10.7

19.1

56.5

8.6

5.1

1925

56.0

24.6

3.4

7.4

8.6

1925

50.5

28.5

5.2

7.5

8.3

1926

18.1

16.3

49.8

9.7

6.1

1926

11.4

13.3

62.7

8.1

4.5

1926

56.9

22.2

4.6

7.8

8.5

1926

51.0

27.3

6.0

7.7

8.0

1927

17.6

16.9

49.8

9.8

5.8

1927

10.2

16.3

61.0

8.4

4.1

1927

59.0

21.3

4.5

7.8

7.4

1927

53.0

25.3

6.4

8.3

7.1

1928

16.6

20.3

47.9

10.1

5.1

1928

9.3

24.1

54.3

9.2

3.1

1928

61.2

20.2

4.5

7.8

6.3

1928

55.5

21.5

8.8

7.9

6.2

1929

15.9

18.0

49.6

10.6

5.8

1929

8.8

20.6

56.8

10.2

3.7

1929

59.7

19.8

5.8

7.7

7.0

1929

55.1

21.1

9.7

7.7

6.5

1930

19.1

10.7

53.8

10.1

6.2

1930

12.2

6.7

69.1

8.1

3.9

1930

61.2

18.1

5.4

8.8

6.4

1930

57.7

15.7

11.4

8.8

6.4

1931

21.8

10.4

50.4

10.6

6.8

1931

12.9

6.5

67.8

8.4

4.4

1931

62.6

16.4

5.6

8.7

6.7

1931

58.3

14.3

11.3

9.4

6.6

1932

25.7

10.4

44.9

11.4

7.6

1932

15.6

6.9

64.0

8.5

5.0

1932

71.4

12.1

4.7

6.6

5.1

1932

64.6

11.7

8.9

8.2

6.7

1933

27.0

16.6

39.5

10.2

6.6

1933

15.6

14.6

57.4

8.2

4.2

1933

71.5

16.2

2.3

5.9

4.1

1933

65.6

16.1

4.7

6.8

6.8

1934

26.0

13.6

45.4

8.6

6.3

1934

15.6

9.2

64.6

6.3

4.2

1934

74.5

15.0

3.4

3.8

3.4

1934

65.9

16.5

5.0

5.9

6.6

1935

25.3

14.9

46.0

7.4

6.4

1935

14.2

11.4

64.8

5.2

4.4

1935

73.8

15.0

3.2

4.2

3.8

1935

66.2

17.0

5.0

5.2

6.6

1936

21.1

14.5

53.5

4.9

6.0

1936

10.8

11.3

70.3

3.4

4.2

1936

72.2

15.9

3.3

4.0

4.6

1936

63.4

18.6

6.9

3.7

7.4

1937

22.6

12.5

54.3

4.4

6.2

1937

12.5

7.2

72.5

3.2

4.6

1937

74.0

13.6

4.3

3.5

4.6

1937

71.6

15.1

6.5

2.9

4.0

1938

29.4

15.6

44.2

4.8

6.0

1938

18.9

9.5

63.6

3.4

4.6

1938

74.0

14.9

3.0

3.6

4.6

1938

72.1

15.0

5.8

3.1

4.0

1939

26.5

15.2

47.7

4.4

6.1

1939

16.3

8.1

67.8

3.1

4.7

1939

76.0

13.2

4.5

2.7

3.7

1939

71.3

15.8

6.2

2.8

3.8

1940

27.2

16.5

46.6

3.7

6.0

1940

16.3

9.4

66.9

2.7

4.6

1940

81.9

10.4

3.2

1.6

2.8

1940

69.9

17.0

6.5

2.7

3.9

1941

28.0

25.1

39.1

2.8

5.1

1941

16.8

19.4

57.4

2.2

4.2

1941

83.3

12.0

1.6

1.0

2.0

1941

65.7

20.6

7.1

2.5

4.1

1942

25.3

39.4

28.8

2.4

4.2

1942

13.3

42.3

39.3

1.9

3.2

1942

79.5

14.7

2.1

0.7

3.0

1942

68.4

21.9

4.6

1.8

3.3

1943

21.2

46.8

25.9

2.4

3.7

1943

11.5

44.8

38.3

2.3

3.1

1943

78.8

15.7

1.7

0.6

3.2

1943

65.0

26.0

4.4

1.5

3.2

1944

22.1

45.7

25.7

2.5

4.1

1944

12.5

39.6

41.8

2.5

3.6

1944

87.9

9.1

0.8

0.7

1.6

1944

65.6

26.0

4.0

1.5

3.0

1945

21.8

45.6

25.7

2.7

4.2

1945

13.4

35.0

44.5

3.1

3.9

1945

85.8

11.4

0.7

0.6

1.6

1945

59.5

31.6

4.4

1.5

3.1

1946

23.9

38.7

30.0

2.9

4.5

1946

15.1

24.4

52.5

3.6

4.4

1946

80.0

16.3

1.3

0.6

1.8

1946

54.0

36.4

5.0

1.5

3.1

1947

25.7

30.9

35.4

2.6

5.4

1947

15.0

17.1

59.6

3.0

5.3

1947

81.4

15.2

1.0

0.5

1.8

1947

56.0

34.2

5.1

1.4

3.3

1948

26.1

29.2

36.8

2.5

5.5

1948

15.6

17.1

59.4

2.7

5.2

1948

84.5

12.3

0.9

0.6

1.7

1948

61.5

29.5

4.6

1.3

3.1

1949

28.0

24.8

38.6

2.7

6.0

1949

17.0

13.6

61.4

2.7

5.4

1949

85.3

10.8

1.2

0.8

1.9

1949

66.3

24.3

4.7

1.4

3.3

1950

25.2

26.7

39.4

2.7

6.1

1950

11.9

15.0

64.7

2.6

5.8

1950

86.4

10.0

1.0

0.7

1.8

1950

66.6

24.0

4.7

1.4

3.3

1951

27.3

26.8

37.5

2.5

5.8

1951

15.4

15.0

61.6

2.3

5.6

1951

87.6

9.1

0.9

0.6

1.7

1951

67.2

23.5

4.7

1.4

3.1

1952

28.1

24.5

38.5

2.7

6.2

1952

16.3

11.5

63.5

2.7

6.0

1952

86.9

9.5

1.3

0.6

1.7

1952

70.1

21.7

4.2

1.4

2.7

1953

30.3

24.2

36.6

2.8

6.1

1953

17.2

11.3

62.5

2.8

6.2

1953

88.4

8.3

1.2

0.7

1.5

1953

71.4

20.4

4.1

1.4

2.8

1954

29.6

22.7

38.7

3.1

6.0

1954

18.2

11.5

61.0

3.0

6.3

1954

84.5

11.4

1.1

0.8

2.2

1954

72.7

19.2

4.1

1.0

3.0

1955

29.0

19.9

43.6

2.9

4.7

1955

17.1

9.3

67.1

2.7

4.0

1955

83.1

12.3

1.9

0.9

1.8

1955

75.4

18.0

3.2

0.9

2.5

1956

29.6

17.9

44.8

3.0

4.6

1956

17.7

6.7

68.7

2.9

4.0

1956

84.0

11.9

1.4

0.6

2.1

1956

72.6

20.4

3.4

1.2

2.4

1957

28.9

19.6

43.9

3.3

4.3

1957

17.6

7.3

67.3

3.3

4.4

1957

88.8

8.2

1.2

0.9

0.9

1957

70.0

20.7

5.1

1.9

2.2

1958

30.0

18.9

42.9

3.7

4.5

1958

18.1

7.5

66.1

3.7

4.6

1958

89.3

8.1

0.9

0.9

0.8

1958

70.8

19.8

5.2

2.0

2.2

1959

29.2

20.1

42.9

3.9

4.0

1959

17.8

8.6

65.9

3.8

3.8

1959

89.5

7.4

1.3

1.0

0.7

1959

69.4

20.6

5.7

2.2

2.1

1960

30.6

17.1

43.3

4.2

4.8

1960

18.1

5.4

68.4

4.2

3.8

1960

90.3

6.8

1.2

1.1

0.6

1960

70.3

19.4

5.8

2.4

2.1

1961

30.0

18.9

43.0

4.3

3.8

1961

17.0

7.8

67.5

4.3

3.4

1961

88.5

7.6

1.7

1.4

0.8

1961

73.6

17.7

4.5

2.5

1.8

1962

29.7

17.8

44.0

4.6

3.8

1962

17.4

5.4

68.7

4.7

3.8

1962

88.9

7.3

1.4

1.6

0.8

1962

73.1

17.9

4.5

2.7

1.7

1963

29.1

17.4

44.8

5.0

3.7

1963

16.6

4.9

69.9

4.9

3.6

1963

88.1

7.4

1.8

2.0

0.7

1963

73.6

17.1

4.4

3.2

1.6

1964

29.0

18.3

45.1

5.1

2.4

1964

12.6

3.2

78.0

4.7

1.5

1964

86.2

8.6

2.4

2.2

0.6

1964

71.6

19.1

4.5

3.5

1.3

1965

29.1

19.2

44.1

5.4

2.2

1965

13.1

5.7

74.0

5.3

1.9

1965

83.9

10.7

2.3

2.5

0.6

1965

72.0

19.3

3.9

3.6

1.2

1966

29.8

23.4

37.9

5.3

3.6

1966

15.9

11.3

62.9

5.8

4.0

1966

88.3

7.4

1.4

2.3

0.6

1966

72.7

17.9

4.3

3.5

1.6

1967

30.4

24.7

35.7

5.7

3.6

1967

17.8

13.6

58.0

6.4

4.1

1967

88.2

7.3

1.7

2.3

0.6

1967

73.3

17.4

4.1

3.7

1.4

1968

29.3

21.7

39.7

6.4

2.9

1968

18.2

11.3

58.8

8.2

3.6

1968

88.6

7.0

1.3

2.4

0.6

1968

73.7

17.2

3.9

3.9

1.3

1969

32.1

21.7

34.4

8.1

3.7

1969

18.4

8.3

57.2

11.2

4.8

1969

88.6

6.8

1.4

2.6

0.6

1969

75.3

16.1

3.7

3.7

1.2

1970

32.2

23.0

31.8

8.9

4.1

1970

18.1

10.6

55.0

11.2

5.0

1970

89.2

6.0

1.5

2.7

0.5

1970

77.1

14.1

3.5

4.1

1.1

1971

34.0

22.9

30.3

8.6

4.3

1971

19.0

13.6

51.5

10.8

5.1

1971

90.1

5.6

1.1

2.8

0.4

1971

77.6

13.4

3.5

4.4

1.2

1972

37.4

21.7

28.6

8.1

4.2

1972

24.5

12.3

48.3

9.9

4.9

1972

89.6

5.9

1.3

2.8

0.5

1972

76.4

14.6

3.3

4.5

1.2

1973

36.9

22.1

27.2

9.2

4.6

1973

23.3

12.8

46.2

11.8

5.8

1973

88.8

6.4

1.4

3.0

0.5

1973

74.2

16.0

3.4

4.8

1.5

1974

36.2

22.5

25.6

9.8

5.9

1974

22.9

18.3

39.9

11.1

7.8

1974

86.9

6.6

2.0

3.8

0.8

1974

74.3

15.5

3.4

5.3

1.6

1975

40.7

20.3

25.0

8.3

5.7

1975

25.8

16.7

40.1

9.7

7.6

1975

88.7

5.6

1.4

3.7

0.5

1975

77.4

13.3

3.2

4.8

1.4

1976

43.4

18.6

24.8

7.5

5.7

1976

27.9

16.4

38.9

8.4

8.3

1976

88.4

5.8

1.5

3.7

0.6

1976

77.9

12.7

3.3

5.1

1.0

1977

45.4

17.5

24.5

7.3

5.2

1977

29.2

15.6

39.4

8.1

7.7

1977

88.7

5.4

1.5

3.9

0.4

1977

78.1

12.4

3.4

5.2

1.0

1978

45.9

16.9

24.2

7.5

5.5

1978

30.7

16.3

37.7

7.9

7.4

1978

88.4

5.8

1.6

3.7

0.5

1978

78.0

12.6

3.3

5.2

1.0

1979

46.8

14.2

23.9

9.5

5.6

1979

31.3

13.7

36.2

11.5

7.3

1979

89.1

5.2

1.6

4.0

0.2

1979

78.4

11.5

3.3

5.8

1.0

1980

49.1

10.4

23.0

11.6

6.0

1980

33.7

10.7

34.7

13.3

7.6

1980

88.6

4.5

1.7

4.9

0.4

1980

79.7

8.5

3.6

7.4

0.9

1981

50.7

4.6

22.1

15.7

6.9

1981

35.4

3.5

32.5

18.9

9.7

1981

88.1

3.7

1.6

6.6

0.0

1981

80.6

6.1

3.5

9.2

0.5

1982

47.6

8.0

22.1

15.1

7.3

1982

30.3

12.1

30.8

18.6

8.3

1982

89.2

2.5

2.0

6.2

0.0

1982

81.2

5.4

3.9

9.0

0.6

1983

50.2

12.1

18.7

12.9

6.1

1983

34.0

21.4

23.9

14.6

6.1

1983

89.5

3.4

1.6

5.7

-0.1

1983

83.4

5.7

3.2

7.5

0.2

1984

53.9

12.1

13.1

15.6

5.3

1984

32.6

28.2

17.0

16.3

5.9

1984

89.9

3.2

1.4

5.8

-0.4

1984

81.8

6.3

3.3

8.5

0.1

1985

46.1

15.5

15.4

14.9

8.1

1985

34.5

26.5

15.9

17.1

6.0

1985

89.9

3.2

1.4

5.8

-0.4

1985

82.9

6.6

3.0

7.8

-0.3

1986

49.2

14.6

17.5

13.8

4.9

1986

38.8

24.1

18.0

15.7

3.4

1986

90.1

3.8

1.7

4.8

-0.5

1986

83.3

7.3

3.1

6.4

-0.2

1987

52.3

22.0

9.6

13.7

2.3

1987

36.2

31.3

12.2

17.9

2.5

1987

90.1

4.3

1.9

4.3

-0.6

1987

81.8

8.9

3.5

6.0

-0.2

1988

48.4

26.8

10.7

12.2

2.0

1988

38.7

30.3

14.7

14.3

2.0

1988

89.4

4.9

2.0

4.2

-0.5

1988

80.3

10.4

3.2

6.2

-0.1

1989

43.5

28.6

10.2

15.2

2.6

1989

30.8

35.3

13.2

17.9

2.7

1989

88.6

4.9

1.9

5.1

-0.5

1989

79.3

10.3

3.4

6.9

0.1

1990

45.7

27.4

9.6

14.4

2.8

1990

34.3

33.1

13.3

16.6

2.7

1990

88.7

4.7

2.0

4.9

-0.3

1990

80.5

9.8

2.9

6.7

0.1

1991

43.2

29.3

9.4

15.5

2.7

1991

29.9

36.4

11.8

19.3

2.6

1991

89.4

4.7

1.8

4.4

-0.3

1991

80.8

10.2

2.8

5.9

0.3

1992

53.2

27.6

7.3

9.3

2.7

1992

46.1

32.3

8.5

10.8

2.3

1992

90.9

4.3

1.7

3.3

-0.1

1992

82.6

10.5

2.6

3.9

0.4

1993

51.1

29.8

7.2

8.5

3.4

1993

41.0

36.2

8.7

10.4

3.8

1993

90.9

5.0

1.8

2.5

-0.1

1993

83.2

10.7

2.6

3.1

0.4

1994

44.4

35.9

7.2

8.9

3.5

1994

32.7

43.6

8.4

11.4

3.9

1994

91.1

5.0

1.6

2.2

0.1

1994

82.9

10.8

2.7

2.9

0.7

1995

45.6

34.3

6.9

7.9

3.3

1995

35.7

41.2

8.4

9.3

3.5

1995

91.0

4.5

1.6

2.3

0.1

1995

82.2

10.7

2.5

3.0

0.7

1996

46.9

33.8

6.6

7.4

3.1

1996

39.2

39.1

7.8

8.6

3.1

1996

90.1

4.6

1.8

2.6

0.2

1996

81.8

11.0

2.5

3.0

0.9

1997

49.1

32.5

6.2

6.9

2.9

1997

44.6

35.8

6.5

7.7

2.8

1997

90.3

4.8

1.9

2.1

0.2

1997

81.3

10.9

3.0

3.2

0.9

1998

51.8

31.0

5.6

6.5

2.7

1998

50.3

31.7

6.0

7.1

2.7

1998

90.4

4.9

1.7

2.2

0.2

1998

81.5

11.3

2.6

2.9

0.9

1999

55.0

29.3

5.3

5.8

2.3

1999

56.0

28.1

5.5

5.9

2.0

1999

89.8

5.5

1.7

1.9

0.3

1999

81.4

11.2

2.7

2.7

1.0

2000

58.2

26.9

5.5

6.2

2.2

2000

59.6

24.5

5.5

6.4

1.9

2000

90.1

5.6

2.1

2.3

0.3

2000

82.9

11.1

2.8

3.0

1.0

2001

53.5

31.3

5.2

6.7

2.9

2001

53.5

30.1

5.6

7.4

2.8

2001

91.5

5.0

1.5

2.1

0.3

2001

83.7

11.0

2.2

2.8

1.0

2002

49.5

34.6

5.9

6.7

3.3

2002

44.8

35.3

7.7

8.8

3.5

2002

89.9

6.2

1.5

1.9

0.6

2002

84.1

10.6

2.0

2.3

1.1

2003

47.6

35.1

7.7

6.2

3.3

2003

42.3

35.2

10.7

8.5

3.4

2003

90.1

6.3

1.5

1.5

0.6

2003

84.4

10.6

2.1

1.8

1.1

2004

49.1

34.6

8.2

5.3

3.1

2004

44.4

35.3

10.7

7.0

3.3

2004

89.6

6.7

1.8

1.4

0.6

2004

82.5

11.8

2.7

1.8

1.2

2005

2005

2005

2005

Notes: Groups ranked by income (AGI + adjustments) excluding realized capital gains and SS and UI benefits.
Wages is defined as wages and salaries and pensions (and includes bonuses, stock-option exercises, etc.). Entrep. is profits from S-Corporations (entities not subject
to corporate taxes and taxed only at the individual level) plus profits from Partnerships plus profits from sole proprietorship businesses (Schedule C income) plus farm income.
Divid. is dividends distributed. Interest is interest income. Rents is rental income. The sums of all sources add up to 100%
(other forms of income are very small and excluded from the decomposition).

Table A7: Income composition by sources of income and by fractiles of total income in the United States, 1916-2004 (continued)
(wage income, entrepreneurial income, dividends, interest and rents are expressed in % of total income (excluding capital gains) of each fractile)
P99-99.5

P99.5-99.9

P99.9-99.99

P99.99-100

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

Wage Entrep. Divid. Interest Rents

1916

35.0

38.4

10.0

8.3

8.3

1916

26.9

37.4

19.0

9.4

7.2

1916

13.8

31.4

39.9

9.7

5.2

1916

5.6

24.3

56.8

9.3

4.0

1917

35.6

35.7

13.0

8.9

6.8

1917

30.6

23.4

29.6

10.9

5.5

1917

20.1

17.4

47.0

11.9

3.6

1917

8.4

13.8

61.2

14.3

2.4

1918

34.3

35.9

13.1

9.4

7.4

1918

33.5

26.1

24.8

10.0

5.6

1918

24.4

21.9

38.8

11.4

3.5

1918

10.1

23.5

49.5

14.3

2.6

1919

37.7

36.4

12.0

8.4

5.6

1919

33.7

30.2

21.3

9.9

4.9

1919

23.7

30.1

31.7

11.0

3.6

1919

10.0

31.8

42.6

12.9

2.7

1920

42.2

29.0

15.1

8.3

5.3

1920

36.1

26.1

23.7

9.5

4.6

1920

25.5

25.5

34.8

10.3

3.9

1920

11.6

25.4

48.7

11.0

3.4

1921

47.4

23.9

13.5

9.0

6.1

1921

39.4

22.3

22.1

10.4

5.8

1921

27.3

21.8

35.0

11.2

4.8

1921

13.5

21.3

51.0

10.2

4.0

1922

44.4

25.1

13.0

9.5

8.0

1922

35.7

22.4

22.8

10.8

8.3

1922

24.1

20.8

36.2

11.2

7.6

1922

11.2

18.1

52.6

10.3

7.8

1923

44.5

23.8

13.9

9.3

8.5

1923

35.4

22.1

24.1

10.1

8.3

1923

23.7

19.5

39.0

10.3

7.4

1923

12.2

13.5

57.6

9.7

7.1

1924

43.6

27.9

11.7

8.6

8.1

1924

34.6

23.7

23.7

10.1

7.9

1924

23.6

18.9

40.3

10.5

6.7

1924

12.4

13.5

58.1

9.5

6.5

1925

41.7

28.3

13.0

8.7

8.3

1925

32.8

24.1

24.8

10.1

8.1

1925

22.3

20.7

40.1

9.9

7.0

1925

10.7

19.1

56.5

8.6

5.1

1926

41.0

27.3

14.7

9.2

7.8

1926

33.3

22.6

25.7

10.5

7.9

1926

21.5

17.8

43.4

10.5

6.8

1926

11.4

13.3

62.7

8.1

4.5

1927

41.7

25.8

15.0

9.8

7.7

1927

33.2

21.3

26.5

11.2

7.8

1927

21.3

17.3

44.1

10.6

6.7

1927

10.2

16.3

61.0

8.4

4.1

1928

42.1

25.2

15.4

9.7

7.5

1928

33.1

20.0

27.7

11.4

7.8

1928

20.5

18.3

44.3

10.6

6.3

1928

9.3

24.1

54.3

9.2

3.1

1929

42.0

25.1

16.2

9.3

7.4

1929

33.0

19.7

28.1

10.9

8.2

1929

19.8

16.6

45.7

10.9

7.0

1929

8.8

20.6

56.8

10.2

3.7

1930

46.5

20.4

16.9

9.3

6.8

1930

36.7

17.1

27.6

11.0

7.6

1930

22.9

13.0

45.4

11.2

7.5

1930

12.2

6.7

69.1

8.1

3.9

1931

52.1

17.6

14.7

9.3

6.3

1931

41.3

15.9

24.2

11.3

7.4

1931

26.9

12.5

40.7

11.7

8.2

1931

12.9

6.5

67.8

8.4

4.4

1932

62.6

12.7

11.8

7.7

5.3

1932

48.0

13.9

19.6

11.1

7.4

1932

30.5

12.0

35.7

12.9

8.9

1932

15.6

6.9

64.0

8.5

5.0

1933

63.0

14.6

9.1

7.7

5.7

1933

49.1

17.8

16.2

10.0

6.9

1933

32.5

17.6

30.9

11.1

7.8

1933

15.6

14.6

57.4

8.2

4.2

1934

60.9

18.0

10.5

4.9

5.6

1934

46.2

19.8

18.1

9.1

6.8

1934

31.2

15.8

35.9

9.7

7.4

1934

15.6

9.2

64.6

6.3

4.2

1935

59.3

21.2

9.8

4.1

5.7

1935

45.9

19.9

19.2

8.1

7.0

1935

30.8

16.6

36.7

8.5

7.4

1935

14.2

11.4

64.8

5.2

4.4

1936

52.9

23.4

14.7

2.8

6.2

1936

40.2

20.7

26.3

5.9

6.9

1936

26.1

16.1

45.3

5.6

6.9

1936

10.8

11.3

70.3

3.4

4.2

1937

50.4

23.5

15.3

4.6

6.2

1937

40.5

20.9

26.2

5.5

6.9

1937

27.5

15.1

45.4

5.1

6.9

1937

12.5

7.2

72.5

3.2

4.6

1938

54.2

23.0

12.0

4.7

6.1

1938

45.5

22.0

19.9

5.7

6.8

1938

34.1

18.4

35.5

5.5

6.6

1938

18.9

9.5

63.6

3.4

4.6

1939

52.1

25.0

12.5

4.3

6.0

1939

42.9

24.0

21.1

5.3

6.7

1939

31.3

18.6

38.3

5.0

6.8

1939

16.3

8.1

67.8

3.1

4.7

1940

50.8

26.3

13.0

3.9

6.0

1940

42.8

25.1

21.0

4.6

6.5

1940

32.2

19.7

37.3

4.2

6.6

1940

16.3

9.4

66.9

2.7

4.6

1941

47.3

31.2

12.9

3.2

5.4

1941

41.6

30.7

18.7

3.5

5.5

1941

32.8

27.6

31.2

3.0

5.4

1941

16.8

19.4

57.4

2.2

4.2

1942

44.4

37.0

10.8

2.9

5.0

1942

39.1

36.9

15.9

3.1

5.0

1942

30.2

38.1

24.4

2.7

4.5

1942

13.3

42.3

39.3

1.9

3.2

1943

37.3

45.4

10.3

2.5

4.6

1943

32.3

47.2

13.9

2.6

4.1

1943

24.5

47.4

21.8

2.5

3.9

1943

11.5

44.8

38.3

2.3

3.1

1944

37.7

46.6

9.0

2.3

4.3

1944

32.7

47.8

12.7

2.5

4.3

1944

25.7

47.9

19.7

2.5

4.2

1944

12.5

39.6

41.8

2.5

3.6

1945

35.3

49.9

8.5

2.2

4.1

1945

31.3

50.1

11.9

2.4

4.3

1945

24.5

48.9

19.7

2.6

4.3

1945

13.4

35.0

44.5

3.1

3.9

1946

36.8

47.9

9.2

2.0

4.0

1946

32.9

47.8

12.8

2.3

4.2

1946

26.8

43.5

22.4

2.6

4.6

1946

15.1

24.4

52.5

3.6

4.4

1947

40.2

43.4

10.0

2.0

4.3

1947

36.3

42.4

14.5

2.2

4.7

1947

29.6

35.9

26.5

2.5

5.4

1947

15.0

17.1

59.6

3.0

5.3

1948

41.9

42.4

9.4

2.0

4.4

1948

37.0

40.5

15.4

2.2

4.9

1948

29.9

33.6

28.6

2.4

5.6

1948

15.6

17.1

59.4

2.7

5.2

1949

45.2

37.5

10.2

2.2

4.9

1949

39.2

36.7

16.1

2.5

5.5

1949

32.2

29.1

29.8

2.7

6.2

1949

17.0

13.6

61.4

2.7

5.4

1950

43.9

38.1

10.8

2.2

5.0

1950

38.0

37.7

16.3

2.5

5.5

1950

30.0

30.9

30.1

2.7

6.2

1950

11.9

15.0

64.7

2.6

5.8

1951

44.8

37.1

11.1

2.2

4.8

1951

38.3

37.8

16.1

2.4

5.3

1951

31.6

31.1

28.9

2.5

5.9

1951

15.4

15.0

61.6

2.3

5.6

1952

44.4

38.2

10.1

2.4

4.9

1952

39.1

38.2

15.0

2.5

5.2

1952

32.2

29.0

29.8

2.7

6.3

1952

16.3

11.5

63.5

2.7

6.0

1953

47.0

36.6

9.6

2.3

4.5

1953

42.1

35.4

14.9

2.6

5.1

1953

34.9

28.7

27.6

2.8

6.0

1953

17.2

11.3

62.5

2.8

6.2

1954

46.0

36.8

10.3

2.6

4.4

1954

40.7

36.5

14.9

3.0

4.9

1954

33.5

26.6

30.9

3.1

5.9

1954

18.2

11.5

61.0

3.0

6.3

1955

44.2

38.6

10.5

2.6

4.0

1955

41.7

37.4

15.7

3.0

2.1

1955

33.3

23.7

35.1

2.9

4.9

1955

17.1

9.3

67.1

2.7

4.0

1956

45.4

39.9

8.0

2.8

3.8

1956

40.5

34.3

18.0

3.0

4.3

1956

33.9

22.0

36.2

3.1

4.8

1956

17.7

6.7

68.7

2.9

4.0

1957

47.4

38.3

7.7

2.8

3.8

1957

41.2

34.2

17.6

3.2

3.8

1957

33.0

24.0

35.5

3.3

4.2

1957

17.6

7.3

67.3

3.3

4.4

1958

48.0

38.5

6.7

3.1

3.7

1958

41.5

34.1

17.2

3.3

3.9

1958

34.2

23.0

34.7

3.7

4.5

1958

18.1

7.5

66.1

3.7

4.6

1959

48.2

38.2

7.1

3.3

3.3

1959

40.9

34.6

17.1

3.6

3.8

1959

33.1

24.0

34.9

4.0

4.0

1959

17.8

8.6

65.9

3.8

3.8

1960

50.5

36.1

6.4

3.5

3.5

1960

42.6

32.4

17.1

3.8

4.0

1960

34.9

21.2

34.4

4.2

5.2

1960

18.1

5.4

68.4

4.2

3.8

1961

50.3

35.7

7.1

3.7

3.3

1961

42.3

32.6

17.6

3.9

3.6

1961

34.5

22.7

34.5

4.3

4.0

1961

17.0

7.8

67.5

4.3

3.4

1962

50.5

36.2

6.0

4.1

3.1

1962

42.7

32.3

17.3

4.3

3.5

1962

34.0

22.1

35.4

4.6

3.9

1962

17.4

5.4

68.7

4.7

3.8

1963

51.6

34.7

6.4

4.4

2.9

1963

42.8

31.7

17.6

4.7

3.3

1963

33.5

21.9

35.8

5.0

3.8

1963

16.6

4.9

69.9

4.9

3.6

1964

52.6

31.4

9.5

4.4

2.1

1964

42.4

31.8

18.7

4.7

2.5

1964

34.2

23.0

34.8

5.3

2.7

1964

12.6

3.2

78.0

4.7

1.5

1965

52.0

31.2

10.3

4.6

1.9

1965

42.3

32.5

18.2

4.9

2.1

1965

34.0

23.2

35.1

5.4

2.3

1965

13.1

5.7

74.0

5.3

1.9

1966

48.2

34.6

9.8

4.8

2.7

1966

41.6

36.5

13.9

4.7

3.4

1966

34.5

27.5

29.4

5.2

3.5

1966

15.9

11.3

62.9

5.8

4.0

1967

49.1

34.3

9.3

5.0

2.3

1967

42.4

37.0

13.5

4.6

2.4

1967

34.5

28.3

28.4

5.5

3.4

1967

17.8

13.6

58.0

6.4

4.1

1968

51.1

32.3

8.9

5.0

2.7

1968

41.9

36.6

13.7

5.2

2.7

1968

32.7

24.9

33.8

5.9

2.7

1968

18.2

11.3

58.8

8.2

3.6

1969

51.3

33.7

8.2

4.9

1.9

1969

44.3

34.3

13.5

5.6

2.3

1969

36.3

25.8

27.5

7.1

3.4

1969

18.4

8.3

57.2

11.2

4.8

1970

54.5

30.2

7.5

5.5

2.3

1970

46.0

34.0

11.4

6.0

2.7

1970

36.8

27.1

24.1

8.1

3.8

1970

18.1

10.6

55.0

11.2

5.0

1971

57.2

28.1

6.8

6.0

2.0

1971

47.2

32.6

10.8

6.3

3.1

1971

38.9

25.9

23.4

7.9

4.0

1971

19.0

13.6

51.5

10.8

5.1

1972

54.9

28.7

7.7

6.0

2.7

1972

51.1

29.1

10.4

6.3

3.1

1972

41.5

24.7

22.3

7.6

4.0

1972

24.5

12.3

48.3

9.9

4.9

1973

55.5

28.2

7.3

6.4

2.6

1973

50.5

29.3

10.8

6.6

2.9

1973

41.2

25.0

21.2

8.3

4.2

1973

23.3

12.8

46.2

11.8

5.8

1974

56.7

27.3

6.9

6.6

2.5

1974

51.2

27.4

10.3

7.9

3.2

1974

40.8

24.0

20.7

9.3

5.2

1974

22.9

18.3

39.9

11.1

7.8

1975

59.0

25.0

6.8

6.6

2.6

1975

55.1

24.0

10.1

7.3

3.5

1975

45.9

21.6

19.6

7.8

5.0

1975

25.8

16.7

40.1

9.7

7.6

1976

60.0

24.0

6.7

6.8

2.5

1976

57.2

22.4

10.5

6.7

3.2

1976

48.9

19.3

19.7

7.2

4.8

1976

27.9

16.4

38.9

8.4

8.3

1977

61.5

22.8

7.2

6.4

2.1

1977

58.1

21.7

10.3

6.6

3.3

1977

51.1

18.2

19.3

7.1

4.4

1977

29.2

15.6

39.4

8.1

7.7

1978

64.2

21.0

6.4

6.1

2.2

1978

60.7

20.1

10.0

6.2

3.1

1978

51.4

17.1

19.3

7.3

4.9

1978

30.7

16.3

37.7

7.9

7.4

1979

64.4

19.6

6.4

7.4

2.2

1979

62.5

16.7

10.2

7.6

3.1

1979

52.3

14.4

19.5

8.7

5.0

1979

31.3

13.7

36.2

11.5

7.3

1980

66.3

15.0

7.0

9.5

2.2

1980

63.2

13.9

10.3

9.5

3.1

1980

54.9

10.3

18.5

10.9

5.4

1980

33.7

10.7

34.7

13.3

7.6

1981

68.6

10.4

7.0

12.1

1.9

1981

65.7

7.9

10.5

12.8

3.1

1981

56.5

5.0

18.2

14.5

5.9

1981

35.4

3.5

32.5

18.9

9.7

1982

69.6

9.5

6.8

12.6

1.5

1982

67.7

7.3

9.9

11.7

3.4

1982

54.7

6.3

18.5

13.6

6.9

1982

30.3

12.1

30.8

18.6

8.3

1983

73.7

9.5

6.6

9.4

0.9

1983

70.4

8.4

8.8

10.1

2.3

1983

57.6

7.8

16.3

12.1

6.1

1983

34.0

21.4

23.9

14.6

6.1

1984

71.9

9.6

5.9

11.3

1.3

1984

71.2

8.4

8.0

10.8

1.6

1984

64.1

4.4

11.3

15.2

5.0

1984

32.6

28.2

17.0

16.3

5.9

1985

73.9

9.4

6.1

10.3

0.4

1985

69.8

8.7

7.8

11.8

2.0

1985

51.2

10.6

15.2

14.0

9.0

1985

34.5

26.5

15.9

17.1

6.0

1986

75.1

10.9

5.7

8.2

0.1

1986

70.6

8.8

9.8

10.2

0.7

1986

53.9

10.4

17.2

12.9

5.6

1986

38.8

24.1

18.0

15.7

3.4

1987

70.4

15.9

5.2

8.1

0.4

1987

68.8

14.1

6.5

9.3

1.2

1987

59.9

17.7

8.4

11.7

2.2

1987

36.2

31.3

12.2

17.9

2.5

1988

68.3

17.2

5.1

8.5

0.9

1988

65.6

18.1

6.2

8.7

1.3

1988

53.9

24.8

8.4

10.9

2.0

1988

38.7

30.3

14.7

14.3

2.0

1989

67.4

18.2

4.9

8.8

0.7

1989

62.0

19.1

6.4

10.6

1.9

1989

50.1

25.1

8.6

13.7

2.5

1989

30.8

35.3

13.2

17.9

2.7

1990

68.8

17.4

4.5

8.2

1.0

1990

62.1

20.7

5.5

9.8

1.8

1990

52.1

24.3

7.6

13.2

2.8

1990

34.3

33.1

13.3

16.6

2.7

1991

68.9

18.0

4.7

7.1

1.3

1991

62.1

20.8

5.4

9.6

2.1

1991

50.3

25.4

8.0

13.4

2.8

1991

29.9

36.4

11.8

19.3

2.6

1992

70.4

19.1

4.0

5.0

1.6

1992

64.2

22.6

4.6

6.3

2.3

1992

57.4

24.8

6.6

8.5

2.9

1992

46.1

32.3

8.5

10.8

2.3

1993

71.3

18.7

4.0

4.4

1.6

1993

65.9

21.8

4.5

5.2

2.5

1993

56.5

26.4

6.5

7.5

3.2

1993

41.0

36.2

8.7

10.4

3.8

1994

71.1

20.0

3.5

3.7

1.6

1994

64.3

23.1

4.8

5.1

2.7

1994

50.7

31.9

6.6

7.5

3.3

1994

32.7

43.6

8.4

11.4

3.9

1995

68.7

20.5

3.7

4.2

1.7

1995

63.4

23.9

4.2

5.0

2.1

1995

51.3

30.3

6.1

7.0

3.1

1995

35.7

41.2

8.4

9.3

3.5

1996

68.9

20.2

4.0

4.0

1.6

1996

63.6

23.6

4.3

4.8

2.3

1996

51.5

30.7

5.9

6.8

3.0

1996

39.2

39.1

7.8

8.6

3.1

1997

69.8

19.7

3.9

3.7

1.7

1997

63.1

23.8

4.6

4.6

2.5

1997

51.9

30.6

6.0

6.4

2.9

1997

44.6

35.8

6.5

7.7

2.8

1998

69.5

20.3

3.6

3.5

1.8

1998

62.8

24.6

4.3

4.5

2.3

1998

52.8

30.5

5.4

6.1

2.7

1998

50.3

31.7

6.0

7.1

2.7

1999

69.9

20.1

3.9

3.3

1.8

1999

62.3

24.9

4.4

4.3

2.4

1999

54.3

30.0

5.1

5.7

2.6

1999

56.0

28.1

5.5

5.9

2.0

2000

70.9

20.1

4.3

3.8

1.9

2000

63.9

24.9

4.8

4.6

2.3

2000

57.3

28.4

5.5

6.1

2.4

2000

59.6

24.5

5.5

6.4

1.9

2001

73.1

19.3

3.1

3.5

1.8

2001

63.4

25.9

3.9

4.4

2.5

2001

53.5

32.1

4.9

6.2

2.9

2001

53.5

30.1

5.6

7.4

2.8

2002

73.4

19.2

2.7

2.8

1.9

2002

64.5

25.8

3.5

3.7

2.5

2002

52.1

34.2

4.9

5.5

3.2

2002

44.8

35.3

7.7

8.8

3.5

2003

73.5

19.0

3.0

2.4

2.0

2003

63.9

26.1

4.0

3.2

2.8

2003

50.8

35.1

6.0

4.9

3.3

2003

42.3

35.2

10.7

8.5

3.4

2004

72.7

19.2

3.8

2.3

1.8

2004

63.9

25.9

4.9

2.9

2.4

2004

51.7

34.3

6.8

4.4

3.0

2004

44.4

35.3

10.7

7.0

3.3

2005

2005

2005

2005

Notes: Groups ranked by income (AGI + adjustments) excluding realized capital gains and SS and UI benefits.
Wages is defined as wages and salaries and pensions (and includes bonuses, stock-option exercises, etc.). Entrep. is profits from S-Corporations (entities not subject
to corporate taxes and taxed only at the individual level) plus profits from Partnerships plus profits from sole proprietorship businesses (Schedule C income) plus farm income.
Divid. is dividends distributed. Interest is interest income. Rents is rental income. The sums of all sources add up to 100%
(other forms of income are very small and excluded from the decomposition).

Table A8: Capital gains by fractiles of total income in the United States, 1916-2004
(capital gains are expressed in % of total income (including capital gains) of each fractile)

A. (fractiles are defined by total income (excluding capital gains))

P90-100

P95-100

P99-100

P99.5-100

3.2

3.6

4.1

4.0

1.6

1.5

1.5

1.2

0.8

1916
1917

P99.9-100 P99.99-100

P90-95

P95-99

P99-99.5

B. (fractiles are defined by total income (including capital gains))

P99.5-99.9 P99.9-99.99 P99.99-100

P90-100

1.1

2.8

4.2

4.0

1916

1.7

1.9

1.8

1.5

0.8

1917

P95-100

P99-100

P99.5-100

7.5

8.6

P99.9-100 P99.99-100

10.9

14.2

2.6

2.9

3.0

3.0

3.1

P90-95

P95-99

P99-99.5

P99.5-99.9 P99.9-99.99 P99.99-100

1.5

4.5

8.1

14.2

2.2

2.7

2.9

3.0

3.1

1918

1.2

1.3

1.4

1.2

0.8

0.4

0.7

1.3

1.9

1.8

1.0

0.4

1918

1.7

2.0

2.4

2.3

1.8

1.6

0.8

1.6

2.7

2.9

2.0

1.6

1919

3.1

3.6

3.7

3.4

2.8

2.0

1.6

3.4

4.7

4.1

3.3

2.0

1919

4.5

5.5

6.7

6.7

6.8

7.6

1.7

4.2

6.5

6.6

6.3

7.6

1920

3.5

3.9

3.4

2.8

1.5

0.6

2.3

4.5

5.5

3.9

1.9

0.6

1920

4.7

5.6

5.6

4.9

3.3

2.4

2.5

5.5

7.7

6.4

3.8

2.4

1921

1.5

1.8

1.9

1.7

1.2

0.4

0.7

1.8

2.6

2.2

1.5

0.4

1921

2.1

2.7

3.2

3.1

2.5

1.6

0.8

2.2

3.6

3.6

3.0

1.6

1922

2.7

3.4

4.2

4.4

4.9

5.8

1.0

2.4

3.6

3.9

4.4

5.8

1922

4.5

5.8

8.4

9.4

12.4

19.9

1.1

3.0

5.1

6.3

8.5

19.9

1923

3.1

3.4

4.1

4.3

4.8

6.2

2.3

2.7

3.5

3.7

4.1

6.2

1923

4.9

5.8

8.2

9.2

12.3

20.9

2.6

3.4

4.9

6.1

7.9

20.9

1924

3.8

4.3

5.7

6.0

6.5

7.0

2.3

2.7

4.9

5.5

6.3

7.0

1924

6.0

7.4

11.0

12.3

15.8

23.2

2.6

3.4

6.8

8.8

11.9

23.2

1925

6.4

7.8

10.7

11.6

13.5

15.8

2.3

4.0

7.7

9.6

12.2

15.8

1925

11.1

13.6

20.4

23.1

30.0

42.9

2.6

4.9

10.6

15.1

21.7

42.9

1926

5.1

6.0

8.0

8.8

10.5

12.9

2.3

3.4

5.4

6.8

9.1

12.9

1926

9.0

10.9

16.1

18.5

24.9

37.3

2.6

4.2

7.5

10.9

16.7

37.3

1927

6.0

7.0

9.3

10.3

12.5

14.3

2.8

3.9

5.8

7.9

11.4

14.3

1927

10.6

12.7

18.5

21.3

28.4

40.1

3.1

4.8

8.0

12.4

20.5

40.1

1928

8.5

10.3

14.7

16.4

19.5

20.7

2.8

3.8

8.3

12.5

18.6

20.7

1928

15.4

18.7

27.8

31.6

40.0

51.1

3.1

4.8

11.5

19.2

31.4

51.1

1929

7.6

9.2

13.5

15.2

19.4

22.7

2.5

3.1

7.1

9.8

17.0

22.7

1929

14.2

17.4

26.6

30.5

40.5

54.0

2.8

3.9

9.9

15.3

29.1

54.0

1930

2.9

3.4

4.3

4.7

6.1

8.0

1.6

2.5

2.7

3.3

4.9

8.0

1930

5.4

6.3

9.3

11.0

16.0

25.8

1.8

3.1

3.8

5.3

9.4

25.8

1931

1.1

1.3

1.9

2.1

2.7

3.7

0.4

0.8

1.2

1.5

2.1

3.7

1931

2.2

2.6

4.3

5.1

7.7

13.5

0.5

1.0

1.7

2.5

4.2

13.5

1932

0.5

0.6

0.9

1.1

1.4

1.5

0.3

0.3

0.3

0.8

1.3

1.5

1932

0.7

0.9

2.0

2.5

3.6

5.6

0.3

0.4

0.4

1.4

2.6

5.6

1933

2.0

2.5

3.6

4.2

5.3

6.2

0.6

1.4

1.9

2.9

4.9

6.2

1933

3.4

4.4

7.8

9.4

13.4

20.8

0.7

1.7

2.7

4.8

9.3

20.8

1934

1.1

1.4

1.8

2.1

2.2

1.6

0.3

0.9

1.2

1.9

2.5

1.6

1934

1.7

2.2

3.4

4.0

4.7

4.5

0.3

1.1

1.8

3.2

4.9

4.5

1935

2.4

3.1

4.1

4.5

4.8

3.5

0.4

2.1

2.9

4.2

5.4

3.5

1935

3.9

5.1

7.5

8.6

10.1

9.1

0.5

2.6

4.1

7.0

10.6

9.1

1936

4.3

5.2

6.3

6.7

6.7

4.4

2.0

3.8

5.0

6.7

7.9

4.4

1936

6.8

8.4

11.3

12.5

13.9

11.4

2.2

4.7

7.2

11.1

15.2

11.4

1937

1.6

1.9

2.5

2.5

2.4

1.7

1.0

1.2

2.4

2.7

2.7

1.7

1937

2.5

3.1

4.4

4.8

5.1

4.6

1.2

1.5

3.4

4.5

5.3

4.6

1938

2.0

2.4

3.6

4.0

5.4

8.8

0.9

1.3

2.3

2.8

3.6

8.8

1938

3.5

4.5

7.3

8.7

12.7

21.9

1.0

1.6

3.4

4.7

7.2

21.9

1939

1.8

2.1

2.9

3.1

3.3

3.2

1.0

1.4

2.5

2.9

3.3

3.2

1939

2.8

3.6

5.4

6.0

7.2

8.5

1.1

1.7

3.6

4.9

6.6

8.5

1940

1.5

1.9

2.6

2.8

3.1

3.9

0.7

1.2

2.1

2.5

2.7

3.9

1940

2.5

3.2

4.9

5.5

7.1

10.3

0.7

1.5

3.0

4.1

5.4

10.3

1941

1.6

2.0

2.7

2.9

3.8

5.7

0.5

1.3

2.0

2.1

2.9

5.7

1941

2.7

3.6

5.3

6.1

8.8

14.8

0.5

1.7

2.9

3.6

5.7

14.8

1942

1.1

1.4

1.9

2.0

2.7

4.0

0.1

0.9

1.6

1.4

2.1

4.0

1942

1.9

2.5

3.8

4.3

6.3

10.9

0.2

1.2

2.3

2.4

4.2

10.9

1943

2.3

2.9

3.9

4.1

5.1

7.1

0.9

2.0

3.3

3.3

4.4

7.1

1943

3.9

5.0

7.4

8.3

11.6

18.5

1.0

2.5

4.8

5.5

8.9

18.5

1944

2.3

2.9

3.8

4.1

5.1

6.8

0.8

2.1

3.0

3.3

4.4

6.8

1944

3.7

4.9

7.2

8.3

11.6

17.7

0.9

2.7

4.3

5.5

8.9

17.7

1945

4.8

6.1

7.6

8.3

10.5

13.5

1.8

4.6

5.8

6.6

9.4

13.5

1945

7.9

10.2

14.4

16.6

23.2

33.3

2.0

5.8

8.5

11.1

18.8

33.3

1946

6.2

7.1

8.1

8.7

11.6

16.7

3.7

6.2

6.6

6.4

9.6

16.7

1946

9.7

11.7

15.6

17.9

26.2

40.0

4.2

8.0

9.6

10.9

19.3

40.0

1947

3.8

4.6

5.4

6.0

8.6

12.1

2.1

3.8

4.0

4.0

7.1

12.1

1947

6.2

7.7

10.6

12.6

19.6

30.3

2.3

4.8

5.7

6.7

14.2

30.3

1948

3.6

4.4

5.1

5.6

7.4

10.1

1.7

3.7

3.9

4.2

6.4

10.1

1948

5.7

7.2

9.9

11.5

16.9

25.7

1.9

4.6

5.6

7.0

12.8

25.7

1949

2.6

3.1

4.0

4.5

6.0

8.1

1.2

2.4

2.9

3.3

5.1

8.1

1949

4.1

5.3

7.8

9.2

13.7

20.9

1.3

3.0

4.2

5.6

10.2

20.9

1950

4.6

5.2

7.6

7.9

10.3

13.0

3.0

2.9

6.8

5.9

9.5

13.0

1950

7.4

9.0

14.3

15.9

22.6

32.2

3.4

3.7

9.8

10.0

18.9

32.2

1951

3.8

4.9

6.9

7.5

10.0

13.0

1.3

3.1

5.2

5.7

8.8

13.0

1951

6.4

8.5

13.2

15.4

22.4

32.3

1.5

4.0

7.6

9.6

17.5

32.3

1952

3.0

3.9

5.8

6.6

9.7

12.3

1.3

2.2

3.9

4.4

8.7

12.3

1952

5.2

6.8

11.4

13.7

21.6

30.7

1.4

2.8

5.7

7.4

17.4

30.7

1953

2.4

3.1

4.8

5.7

8.5

11.6

0.9

1.8

2.7

3.7

7.4

11.6

1953

4.1

5.5

9.5

11.9

19.2

29.0

1.0

2.3

3.9

6.2

14.7

29.0

1954

4.0

5.6

7.9

9.1

13.8

17.2

0.6

3.7

5.1

5.7

12.4

17.2

1954

7.0

9.8

15.7

19.0

30.3

41.0

0.7

4.7

7.5

9.7

24.8

41.0

1955

5.8

7.2

10.8

12.5

18.2

21.2

2.8

4.3

7.1

8.2

17.0

21.2

1955

10.0

12.9

21.4

25.7

39.3

49.0

3.2

5.4

10.3

13.9

33.9

49.0

1956

4.5

5.7

9.1

11.9

17.3

19.6

1.8

3.0

2.8

8.1

16.3

19.6

1956

8.0

10.7

18.7

24.3

37.1

45.9

2.0

3.8

4.1

13.7

32.6

45.9

1957

3.4

4.6

6.9

8.9

13.4

15.5

1.0

2.8

2.4

5.8

12.5

15.5

1957

6.0

8.2

14.0

18.3

29.2

37.5

1.1

3.5

3.4

9.8

25.1

37.5

1958

4.0

5.5

8.3

10.6

15.3

17.9

0.8

3.4

3.2

7.3

14.3

17.9

1958

7.0

9.8

16.7

21.6

33.3

42.4

0.9

4.3

4.6

12.4

28.6

42.4

1959

5.4

7.9

11.4

14.3

20.8

23.6

0.3

5.3

4.8

10.0

19.7

23.6

1959

9.8

14.1

23.0

29.1

44.2

53.4

0.3

6.7

6.9

16.9

39.4

53.4

1960

4.8

6.8

10.2

13.1

19.5

23.9

0.9

4.2

3.9

8.7

17.6

23.9

1960

8.6

12.3

21.0

27.2

42.1

54.1

1.0

5.4

5.7

14.7

35.3

54.1

1961

6.3

8.4

13.8

18.1

26.0

31.3

2.1

4.5

4.4

12.4

23.6

31.3

1961

11.7

16.0

28.5

37.1

54.6

66.7

2.3

5.8

6.4

21.1

47.2

66.7

1962

4.3

5.9

10.1

13.6

21.2

25.7

1.2

2.9

2.7

8.5

19.2

25.7

1962

8.1

11.3

21.3

28.4

45.3

57.3

1.3

3.6

3.8

14.4

38.4

57.3

1963

4.7

6.3

10.9

14.1

21.1

24.9

1.6

3.1

4.4

9.4

19.4

24.9

1963

8.6

11.9

22.3

29.0

45.1

55.9

1.8

3.9

6.3

15.9

38.9

55.9

1964

7.0

9.2

15.3

16.8

23.8

32.6

2.7

4.9

12.1

12.0

19.9

32.6

1964

12.3

16.6

29.5

34.4

51.0

68.8

3.0

6.2

17.9

20.5

39.8

68.8

1965

8.4

10.2

17.3

18.2

25.8

37.5

4.8

5.0

15.2

12.9

20.4

37.5

1965

14.5

18.7

33.4

37.8

55.3

76.3

5.4

6.4

22.6

22.0

40.8

76.3

1966

6.6

8.8

14.8

17.4

24.9

30.7

1.8

4.4

9.2

11.8

22.4

30.7

1966

10.5

14.4

25.3

31.5

48.6

68.0

2.3

5.6

10.2

16.4

36.7

68.0

1967

9.0

11.8

18.8

21.7

28.7

32.6

3.0

6.6

12.1

16.5

27.2

32.6

1967

13.6

18.3

30.7

36.1

53.3

72.8

3.3

7.9

17.2

20.3

41.1

72.8

1968

10.7

14.0

22.2

25.6

32.9

37.4

3.7

7.4

14.4

20.2

31.1

37.4

1968

15.6

21.3

35.3

42.1

60.0

78.9

3.0

9.1

17.1

24.6

47.3

78.9

1969

7.9

10.8

18.8

22.7

31.6

39.9

2.1

4.9

9.7

16.2

27.8

39.9

1969

12.2

17.0

31.1

38.5

58.4

79.7

2.1

5.5

12.2

18.9

42.8

79.7

1970

4.0

5.5

10.1

12.1

17.6

23.2

1.1

2.4

5.8

8.5

15.3

23.2

1970

7.5

10.6

20.1

25.2

41.7

64.4

1.3

3.8

8.7

12.0

28.9

64.4

1971

5.7

7.7

13.4

15.9

22.5

28.0

1.8

3.9

8.1

11.3

20.2

28.0

1971

9.9

13.9

25.1

31.3

49.0

71.0

1.9

5.6

10.7

16.6

35.8

71.0

1972

6.8

9.0

14.8

17.3

23.5

30.6

2.6

5.0

9.6

13.0

20.4

30.6

1972

11.9

16.4

28.4

34.9

53.4

75.3

2.7

7.4

13.1

19.1

40.1

75.3

1973

5.2

6.8

10.8

12.8

17.2

20.5

1.9

4.3

6.8

9.9

15.9

20.5

1973

10.2

13.9

24.9

30.0

46.5

68.5

2.8

6.2

13.7

17.1

35.0

68.5

1974

3.5

4.6

7.5

8.7

11.3

14.2

1.4

2.6

5.1

7.0

10.2

14.2

1974

7.2

9.9

17.9

22.6

35.3

55.0

1.7

4.4

7.3

12.9

26.0

55.0

1975

3.2

4.2

7.0

8.1

11.2

15.4

1.4

2.4

4.9

6.1

9.5

15.4

1975

6.5

9.1

16.3

20.1

31.7

51.2

1.5

4.2

8.2

11.6

22.0

51.2

1976

4.0

5.2

8.4

9.8

13.0

16.6

1.9

3.1

5.7

7.6

11.6

16.6

1976

7.9

10.8

18.6

22.2

34.0

52.1

2.1

5.6

10.7

13.4

25.1

52.1

1977

4.2

5.4

8.8

10.0

13.1

15.6

1.9

3.3

6.4

8.0

12.1

15.6

1977

8.4

11.6

20.9

25.0

37.4

58.2

2.2

5.3

11.7

15.5

26.7

58.2

1978

4.1

5.2

8.2

9.3

11.8

13.5

2.0

3.2

5.8

7.7

11.2

13.5

1978

8.3

11.2

19.0

22.8

34.3

51.7

2.6

5.9

10.8

14.1

25.9

51.7

1979

6.6

8.8

14.9

17.7

25.0

34.7

2.3

4.5

8.4

12.0

20.3

34.7

1979

12.4

17.0

29.6

35.5

50.5

71.7

3.0

7.4

14.8

21.5

36.5

71.7

1980

6.3

8.4

14.6

17.2

22.9

28.4

2.2

4.0

8.4

12.9

20.4

28.4

1980

11.3

15.6

27.8

33.9

48.6

67.4

2.6

6.3

12.7

20.4

37.4

67.4

1981

5.9

7.9

13.8

16.4

21.6

26.8

2.1

3.7

8.1

12.3

19.3

26.8

1981

11.1

15.7

29.1

35.4

51.9

71.1

2.0

5.3

12.8

19.4

39.9

71.1

1982

7.3

10.1

17.8

21.3

28.6

34.6

1.8

4.3

8.9

14.8

25.4

34.6

1982

11.7

16.5

30.4

37.2

53.4

71.0

1.5

5.0

10.8

19.2

40.9

71.0

1983

9.3

12.6

21.3

24.5

30.6

34.0

2.7

5.6

13.0

18.9

28.8

34.0

1983

15.0

20.6

35.8

42.2

56.7

70.5

2.8

7.1

16.7

25.4

47.2

70.5

1984

9.6

12.8

21.4

24.9

31.1

33.3

3.0

5.9

11.6

18.7

29.9

33.3

1984

15.1

21.0

36.3

42.1

55.5

70.6

2.0

7.0

18.3

25.5

43.9

70.6

1985

11.3

14.8

23.6

27.1

33.4

36.3

3.9

7.4

13.8

20.8

31.7

36.3

1985

17.3

23.6

39.3

45.1

58.6

73.9

2.9

8.6

20.6

28.3

47.4

73.9

1986

19.6

25.3

38.8

43.7

48.3

54.6

6.0

12.0

23.2

39.2

44.2

54.6

1986

27.9

36.7

56.7

63.4

75.9

84.9

4.4

13.1

30.5

45.7

68.3

84.9

1987

7.0

8.9

13.0

14.5

16.5

17.7

2.8

5.4

8.9

12.6

15.8

17.7

1987

10.7

14.3

23.5

27.0

35.3

46.7

2.9

5.7

9.7

14.4

18.8

46.7

1988

7.7

9.8

14.6

16.2

18.8

20.8

2.4

4.8

9.3

13.2

17.5

20.8

1988

10.9

14.4

22.7

25.6

33.2

43.0

2.5

5.0

10.2

15.2

21.2

43.0

1989

6.6

8.3

12.8

14.2

17.2

20.7

2.3

4.0

8.3

10.8

15.0

20.7

1989

9.5

12.4

19.9

22.9

30.1

40.9

2.3

4.1

9.1

12.2

17.6

40.9

1990

4.7

6.0

9.1

10.2

12.3

15.2

1.5

2.8

5.7

8.0

10.5

15.2

1990

7.1

9.3

14.9

17.2

23.4

31.9

1.6

2.9

6.1

8.7

11.7

31.9

1991

3.8

4.8

7.0

7.8

9.3

9.0

1.6

2.8

4.9

6.3

9.5

9.0

1991

6.4

8.4

13.7

16.0

21.5

28.3

1.6

2.9

5.2

6.8

10.4

28.3

1992

4.3

5.4

8.2

9.1

10.9

11.1

1.6

2.7

5.3

7.2

10.7

11.1

1992

6.4

8.3

13.1

15.1

20.2

27.1

1.6

2.8

5.6

7.7

11.9

27.1

1993

5.1

6.4

9.8

11.2

13.8

15.0

1.7

3.3

5.5

8.4

13.1

15.0

1993

7.5

9.8

15.6

18.3

25.2

35.7

1.8

3.4

5.8

9.1

15.1

35.7

1994

4.8

6.0

9.1

10.3

12.3

13.5

1.9

3.0

5.4

8.3

11.5

13.5

1994

7.2

9.5

15.4

18.0

25.3

35.6

2.0

3.1

5.7

9.1

13.0

35.6

1995

5.6

7.0

10.6

11.8

13.7

13.6

2.1

3.5

7.0

9.7

13.8

13.6

1995

7.9

10.3

16.4

19.3

26.9

37.9

1.9

4.0

7.4

10.4

19.8

37.9

1996

8.2

10.2

15.1

16.9

20.1

22.1

2.8

5.0

9.4

13.5

18.8

22.1

1996

10.8

13.8

21.9

25.6

35.1

48.3

2.7

4.9

9.4

13.5

25.4

48.3

1997

10.4

12.9

18.3

20.2

23.7

23.2

3.5

6.9

12.0

15.9

24.0

23.2

1997

13.6

17.1

25.8

29.7

38.9

51.4

3.3

6.8

11.7

17.0

29.5

51.4

1998

11.7

14.2

19.6

21.3

23.9

23.3

4.3

8.0

13.7

18.0

24.4

23.3

1998

15.5

19.5

29.0

33.0

42.4

54.1

3.5

7.4

13.4

19.3

33.4

54.1

1999

12.9

15.5

20.6

22.1

23.8

21.9

5.1

9.4

15.2

20.0

24.9

21.9

1999

17.1

21.1

30.5

34.4

42.9

53.8

4.5

8.8

14.9

21.5

34.4

53.8

2000

11.8

14.1

18.9

20.5

21.4

20.3

5.0

8.0

13.0

19.2

22.1

20.3

2000

18.2

22.3

32.1

36.6

45.6

57.1

4.7

8.3

12.8

21.8

35.5

57.1

2001

7.3

9.0

13.1

14.5

16.4

17.1

2.5

4.4

8.1

12.4

16.0

17.1

2001

10.7

13.6

21.3

25.0

33.6

46.1

2.3

4.3

7.6

12.9

23.7

46.1

2002

5.9

7.4

11.0

12.2

14.0

14.8

1.9

3.5

7.2

10.2

13.5

14.8

2002

8.3

10.7

17.1

20.2

27.8

39.0

1.8

3.5

6.6

10.4

19.5

39.0

2003

6.9

8.6

12.8

14.0

15.6

15.8

2.2

4.1

8.6

12.2

15.4

15.8

2003

9.9

12.7

20.1

23.5

31.4

42.2

2.1

4.1

8.1

12.8

22.7

42.2

2004

8.9

10.9

14.8

16.4

19.0

20.7

3.3

6.1

9.7

13.8

18.5

20.7

2004

13.3

16.7

24.6

29.0

39.9

55.9

3.1

6.2

9.5

14.9

28.0

55.9

2005

2005

Notes: In Panel A, tax returns are ranked by total income excluding capital gains. Series report the additional income reported in the form of capital gains. The share of Capital gains reported are the share of
total income including capital gains. For example, the top decile (defined by income excluding capital gains) in 1999 earned 12.9% of their total income (including capital gains) in the form of capital gains.
In Panel B, average marginal tax rate on long-term capital gains (dollar weighted) are estimated from micro-files and using the TAXSIM calculator.
Details on estimation are presented in Appendix Section C.

Table B1: Aggregate Series on Wage Income

Total Number
Married
of
Women
Employees
Employees
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

Number of Total wage

Tax units
income
with Wage (current mn$)

Average
wage
income ($
2004)

Share of officer CPI (base

compensation
2000)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

29,042
32,119
31,441
30,406
28,041
30,410
33,285
32,993
34,619
35,882
36,017
36,355
37,699
35,590
32,724
29,445
30,940
34,238
35,577
38,599
39,701
38,322
39,633
41,437
45,785
50,219
55,995
57,221
55,548
49,643
49,936
51,332
50,358
52,424
56,415
57,702
58,918
57,387
59,080
60,845
61,308
59,839
61,587

1,354
1,406
1,404
1,399
1,446
1,554
1,677
1,761
1,864
1,971
2,064
2,159
2,274
2,324
2,338
2,328
2,449
2,673
2,787
2,991
3,047
3,117
3,220
3,350
3,896
4,328
4,887
5,293
5,338
5,273
5,354
6,057
6,270
6,832
7,557
7,739
8,227
8,243
8,615
9,213
9,583
9,686
10,072

27,689
30,713
30,036
29,008
26,595
28,856
31,608
31,233
32,756
33,911
33,953
34,197
35,425
33,266
30,386
27,117
28,491
31,565
32,790
35,608
36,654
35,205
36,413
38,087
41,889
45,891
51,108
51,928
50,210
44,370
44,582
45,275
44,088
45,592
48,858
49,963
50,691
49,144
50,465
51,632
51,725
50,153
51,515

26,174
32,773
35,858
42,377
34,311
35,727
41,845
41,829
43,467
46,361
46,763
47,659
50,460
46,214
39,157
30,514
29,027
33,734
36,722
41,954
46,139
43,013
45,985
49,860
62,085
82,098
105,786
116,749
117,493
112,005
123,097
135,537
134,719
147,238
171,591
185,619
198,970
197,242
212,129
229,002
239,926
241,290
259,814

13,967
13,430
13,076
13,818
13,665
13,996
14,701
14,842
14,347
14,635
15,029
15,408
15,748
15,753
16,023
15,598
14,881
15,097
15,434
16,076
16,579
16,404
17,196
17,649
19,030
20,750
22,627
24,167
24,588
24,446
23,374
23,508
24,238
25,363
25,562
26,458
27,732
28,216
29,670
30,843
31,136
31,445
32,702

5.25
6.79
5.56
5.75
6.58
6.74
6.15
6.30

14.775
12.585
10.953
9.459
10.592
11.304
11.104
11.082
10.812
10.705
10.912
11.056
11.056
11.339
12.434
13.861
14.606
14.126
13.781
13.645
13.171
13.426
13.616
13.482
12.840
11.599
10.932
10.749
10.507
9.684
8.465
7.853
7.932
7.853
7.278
7.122
7.065
7.030
7.058
6.954
6.712
6.536
6.484

6.71
6.61
6.79
6.89
6.99
6.87
6.44
6.39
6.47
6.09
6.02
5.86
5.92
5.59
4.50
3.54
3.22
3.50
4.59
4.90
4.97
5.01
5.17
4.73
4.54
4.41
4.62
4.94
4.82
4.93
5.14
5.16

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

62,680
62,881
64,573
65,619
67,275
69,692
73,516
75,442
77,602
79,850
79,750
79,554
81,583
85,202
86,573
85,044
87,402
90,421
94,785
98,025
98,379
99,235
97,762
98,527
103,119
105,806
107,735
110,743
113,896
116,631
118,127
116,625
117,110
118,790
121,708
124,632
127,009
130,118
133,456
136,294
139,207
138,840
137,306
136,969
138,384

10,126
10,935
11,235
11,726
12,059
12,453
13,158
13,871
14,766
15,479
15,972
16,360
16,833
17,588
18,055
18,373
18,943
19,523
20,282
20,987
21,466
21,796
21,991
22,267
23,111
23,870
24,395
25,125
25,775
26,486
26,779
26,812
27,227
27,511
28,438
29,244
29,671
29,957
30,387
31,061
31,631
31,712
31,929
32,441
32,260

52,554
51,946
53,338
53,893
55,216
57,239
60,358
61,571
62,836
64,371
63,778
63,194
64,750
67,614
68,518
66,671
68,459
70,898
74,503
77,038
76,913
77,439
75,771
76,260
80,008
81,936
83,340
85,618
88,121
90,145
91,348
89,813
89,883
91,279
93,270
95,388
97,338
100,161
103,069
105,233
107,576
107,128
105,377
104,528
106,124

272,823
280,483
299,319
314,809
337,742
363,707
400,265
428,946
471,904
518,259
551,472
584,450
638,671
708,639
772,150
814,690
899,580
993,986
1,121,020
1,255,590
1,377,416
1,517,272
1,593,395
1,684,275
1,854,793
1,995,186
2,114,392
2,270,210
2,452,699
2,596,838
2,754,605
2,824,190
2,966,813
3,091,625
3,254,312
3,441,060
3,630,142
3,885,977
4,192,775
4,475,588
4,836,329
4,950,605
4,976,266
5,103,553
5,389,442

33,130
34,118
35,073
36,075
37,292
38,091
38,634
39,442
40,805
41,504
42,091
43,123
44,565
44,588
43,192
42,927
43,632
43,711
43,599
42,431
41,078
40,745
41,178
41,907
42,174
42,759
43,720
44,105
44,474
43,922
43,621
43,654
44,488
44,321
44,500
44,756
44,922
45,681
47,143
48,227
49,317
49,291
49,586
50,125
50,784

5.32
5.48
5.67
5.74
5.70
5.78
5.70
5.71
5.62
5.85
5.96
6.23
6.47
6.65
6.87
7.10
7.11
7.42
7.59
7.74
7.91
7.93
8.13
8.38
8.47
8.56
8.77
8.81
8.29
7.62
7.46
7.13
7.45
7.31
8.66
8.82
8.79
8.64

6.382
6.319
6.250
6.176
6.097
5.995
5.826
5.662
5.433
5.155
4.868
4.663
4.518
4.254
3.833
3.513
3.320
3.118
2.898
2.603
2.294
2.080
1.958
1.897
1.819
1.756
1.723
1.663
1.598
1.525
1.447
1.388
1.348
1.309
1.275
1.241
1.205
1.177
1.159
1.134
1.097
1.067
1.050
1.027
1.000

Notes: Total number of part-time and full time employees from NIPA 1929-2001 (includes military). From 1917 to 1929.
extrapolated using Lebergott series on employees. Married women employees from Historical Statistics and Statistical Abstract.
Total wage bill is from NIPA 1929-1999 (line 1). Wage bill 1917-1927 extrapolated from Kuznets (p. 570, (1))
Average wage is column (5) over column (2).Officer compensation share from Corporate Tax returns statistics.

Table B2: Top Wage Income Shares, 1927-2004

(1)
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1954
1956
1958
1960
1961
1962
1964
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

P90-100 P95-100 P99-100 P99.5-100 P99.9-100 P99.99-100

(2)
(3)
(4)
(5)
(6)
(7)
27.89
18.85
8.65
6.08
2.53
0.68
29.11
19.78
8.87
6.20
2.59
0.69
29.24
19.76
8.67
6.08
2.56
0.72
28.63
19.23
8.54
5.99
2.56
0.73
29.34
19.69
8.47
5.81
2.45
0.67
30.28
19.68
8.29
5.66
2.37
0.62
30.08
19.81
8.31
5.77
2.45
0.63
29.77
19.94
8.31
5.76
2.37
0.59
30.31
20.12
8.40
5.85
2.40
0.60
29.70
19.95
8.60
6.02
2.45
0.59
30.06
20.05
8.41
5.89
2.41
0.60
29.83
19.66
8.13
5.74
2.36
0.59
30.65
20.06
8.20
5.70
2.32
0.57
30.85
20.07
8.37
5.84
2.39
0.58
29.33
19.05
8.11
5.75
2.39
0.57
27.08
17.45
7.21
5.12
2.18
0.51
25.88
16.26
6.42
4.51
1.86
0.41
24.61
15.13
5.56
3.84
1.56
0.36
24.05
14.99
5.73
3.96
1.57
0.35
25.10
16.18
6.40
4.33
1.68
0.37
24.97
16.07
6.27
4.23
1.60
0.34
25.03
16.13
6.21
4.20
1.58
0.35
25.00
16.05
6.12
4.11
1.54
0.34
25.18
16.13
6.24
4.21
1.57
0.34
24.71
15.63
5.97
4.00
1.48
0.31
24.43
15.41
5.74
3.78
1.39
0.30
24.13
15.26
5.61
3.65
1.32
0.28
24.53
15.57
5.56
3.57
1.26
0.25
24.67
15.60
5.40
3.43
1.20
0.25
25.23
15.72
5.26
3.31
1.14
0.23
25.21
15.63
5.20
3.26
1.11
0.22
25.22
15.62
5.16
3.24
1.09
0.21
25.15
15.43
5.12
3.24
1.07
0.21
25.34
15.47
5.16
3.27
1.11
0.22
25.77
15.81
5.34
3.38
1.14
0.23
25.60
15.66
5.24
3.32
1.12
0.23
25.71
15.68
5.19
3.27
1.10
0.24
25.67
15.64
5.13
3.21
1.06
0.21
25.67
15.67
5.18
3.25
1.08
0.22
25.81
15.80
5.32
3.38
1.14
0.24
26.14
16.06
5.42
3.43
1.14
0.24
26.61
16.48
5.66
3.63
1.26
0.27
26.46
16.32
5.64
3.63
1.26
0.27
26.66
16.49
5.74
3.70
1.30
0.29
26.94
16.70
5.86
3.79
1.35
0.30
27.43
17.07
6.06
3.93
1.40
0.31
27.63
17.24
6.22
4.06
1.47
0.34
28.06
17.60
6.43
4.23
1.57
0.38
28.14
17.66
6.43
4.24
1.59
0.39
28.55
18.02
6.67
4.42
1.67
0.41
29.09
18.49
6.96
4.66
1.80
0.47
29.61
18.95
7.27
4.93
1.99
0.52
29.74
19.05
7.28
4.92
1.98
0.54
29.94
19.19
7.33
4.96
2.02
0.58
30.59
19.98
8.15
5.68
2.43
0.69
31.95
21.37
9.39
6.79
3.16
1.10
31.53
20.83
8.69
6.12
2.69
0.82
31.79
21.13
8.99
6.41
2.87
0.91
31.43
20.77
8.56
5.97
2.57
0.78
32.45
21.85
9.63
6.97
3.33
1.22
31.85
21.29
9.05
6.41
2.90
0.96
31.54
20.94
8.72
6.07
2.63
0.83
32.43
21.73
9.25
6.52
2.91
0.94
33.15
22.46
9.80
6.98
3.21
1.11
33.87
23.18
10.43
7.54
3.67
1.36
34.34
23.72
10.97
8.08
4.12
1.65
35.10
24.50
11.64
8.71
4.67
1.97
35.74
25.21
12.33
9.38
5.21
2.21
34.57
23.89
10.97
8.05
4.10
1.55
33.82
23.18
10.47
7.65
3.85
1.51
33.71
23.09
10.40
7.58
3.80
1.48
34.64
24.01
11.23
8.35
4.42
1.88

P90-95
(8)
9.04
9.33
9.49
9.40
9.65
10.61
10.27
9.83
10.19
9.75
10.01
10.18
10.59
10.78
10.29
9.63
9.62
9.48
9.05
8.92
8.90
8.90
8.95
9.06
9.08
9.01
8.88
8.96
9.07
9.51
9.58
9.60
9.72
9.87
9.97
9.95
10.03
10.03
10.00
10.02
10.09
10.14
10.15
10.16
10.24
10.36
10.39
10.47
10.49
10.53
10.59
10.66
10.70
10.76
10.61
10.58
10.70
10.66
10.66
10.60
10.56
10.59
10.70
10.69
10.68
10.61
10.60
10.53
10.69
10.64
10.62
10.63

P95-99
(9)
10.20
10.91
11.09
10.69
11.22
11.39
11.50
11.64
11.72
11.35
11.64
11.53
11.86
11.70
10.94
10.24
9.83
9.56
9.27
9.79
9.80
9.92
9.93
9.89
9.66
9.67
9.65
10.02
10.20
10.46
10.44
10.47
10.31
10.31
10.47
10.42
10.49
10.51
10.49
10.47
10.63
10.81
10.68
10.76
10.84
11.02
11.03
11.17
11.23
11.35
11.54
11.68
11.77
11.86
11.83
11.99
12.13
12.14
12.21
12.22
12.23
12.22
12.48
12.66
12.75
12.75
12.86
12.88
12.91
12.71
12.69
12.78

P99-99.5 P99.5-99.9 P99.9-99.99 P99.99-100

(10)
(11)
(12)
(13)
2.57
3.55
1.86
0.68
2.66
3.61
1.91
0.69
2.60
3.51
1.85
0.72
2.55
3.43
1.82
0.73
2.66
3.36
1.78
0.67
2.63
3.29
1.75
0.62
2.54
3.32
1.82
0.63
2.55
3.38
1.78
0.59
2.55
3.45
1.80
0.60
2.58
3.57
1.86
0.59
2.52
3.48
1.81
0.60
2.38
3.39
1.77
0.59
2.50
3.38
1.75
0.57
2.53
3.45
1.81
0.58
2.36
3.36
1.83
0.57
2.09
2.94
1.67
0.51
1.91
2.65
1.45
0.41
1.73
2.28
1.20
0.36
1.77
2.38
1.22
0.35
2.06
2.66
1.31
0.37
2.04
2.63
1.26
0.34
2.01
2.62
1.23
0.35
2.01
2.58
1.20
0.34
2.03
2.64
1.23
0.34
1.97
2.52
1.17
0.31
1.96
2.40
1.09
0.30
1.96
2.34
1.04
0.28
1.99
2.31
1.00
0.25
1.97
2.23
0.95
0.25
1.95
2.17
0.91
0.23
1.93
2.15
0.89
0.22
1.92
2.15
0.88
0.21
1.88
2.17
0.86
0.21
1.89
2.16
0.88
0.22
1.96
2.24
0.91
0.23
1.92
2.20
0.89
0.23
1.92
2.17
0.87
0.24
1.92
2.15
0.85
0.21
1.93
2.18
0.86
0.22
1.94
2.24
0.90
0.24
1.99
2.29
0.91
0.24
2.04
2.37
0.99
0.27
2.01
2.37
0.99
0.27
2.03
2.40
1.02
0.29
2.06
2.45
1.05
0.30
2.13
2.53
1.09
0.31
2.16
2.59
1.13
0.34
2.20
2.66
1.19
0.38
2.18
2.65
1.20
0.39
2.25
2.75
1.26
0.41
2.30
2.86
1.33
0.47
2.34
2.94
1.47
0.52
2.35
2.95
1.44
0.54
2.37
2.94
1.44
0.58
2.47
3.25
1.74
0.69
2.59
3.64
2.06
1.10
2.57
3.44
1.86
0.82
2.59
3.54
1.96
0.91
2.59
3.40
1.79
0.78
2.66
3.64
2.11
1.22
2.64
3.51
1.94
0.96
2.65
3.44
1.80
0.83
2.73
3.61
1.97
0.94
2.82
3.77
2.10
1.11
2.89
3.87
2.31
1.36
2.89
3.96
2.48
1.65
2.93
4.04
2.69
1.97
2.95
4.17
3.00
2.21
2.92
3.95
2.55
1.55
2.82
3.80
2.34
1.51
2.82
3.78
2.32
1.48
2.87
3.93
2.54
1.88

Notes: Shares computed from Tax returns statistics and total number of tax units and total wage bill from Table B1.
Wage income is wages, salaries, and tips on individual income tax form. It includes bonuses, and profits from exercised stockoptions.

Table B3: Average salary and threshold for each fractile (in 2004 dollars)
Year

P90-100

P95-100

P99-100

P90-95

P95-99

P90

P95

P99

P99.5

P99.9

(1)

(2)

(3)

(4)

P99.5-100 P99.9-100 P99.99-100

(5)

(6)

(7)

(8)

(9)

P99-99.5 P99.5-99.9 P99.9-99.99

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

P99.99
(18)

1927

41,508

56,105

128,751

181,073

376,939

1,004,475

26,911

37,943

76,429

132,107

307,212

23,522

30,306

62,210

96,021

218,112

604,317

1928

43,945

59,722

133,847

187,289

391,155

1,034,122

28,167

41,191

80,405

136,323

319,714

25,177

33,746

68,914

100,955

227,944

630,883

1929

45,136

60,983

133,829

187,525

395,577

1,105,083

29,288

42,772

80,134

135,512

316,743

25,767

33,756

68,735

100,302

227,020

650,198

1930

46,024

61,827

137,309

192,596

410,915

1,176,798

30,221

42,956

82,022

138,017

325,817

25,731

33,010

71,067

98,362

220,114

636,565

1931

48,641

65,292

140,391

192,615

405,689

1,112,453

31,991

46,517

88,167

139,347

327,159

27,731

35,270

70,819

100,732

217,787

620,823

1932

49,670

64,548

135,986

185,558

388,931

1,018,668

34,792

46,689

86,415

134,715

318,960

27,572

35,579

66,178

100,342

207,112

602,793

1933

51,717

68,114

142,865

198,270

420,615

1,083,350

35,321

49,426

87,459

142,684

346,978

26,205

33,503

62,626

93,604

203,991

585,580

1934

52,535

70,390

146,609

203,138

418,629

1,048,338

34,680

51,336

90,079

149,265

348,662

25,359

34,491

64,217

93,222

208,077

567,603

1935

57,681

76,570

159,873

222,539

457,105

1,143,715

38,791

55,744

97,206

163,898

380,815

27,066

36,007

66,781

93,772

213,517

585,224

1936

61,616

82,779

178,385

249,619

507,954

1,230,459

40,454

58,877

107,152

185,036

427,675

27,158

35,736

70,629

100,138

230,094

616,711

1937

68,016

90,729

190,224

266,500

544,629

1,353,088

45,304

65,856

113,949

196,967

454,801

29,672

38,047

71,372

102,486

232,389

625,595

1938

72,100

95,000

196,405

277,630

569,374

1,416,185

49,199

69,649

115,180

204,694

475,284

29,829

37,968

69,463

99,217

223,309

603,415

1939

75,348

98,630

201,544

280,150

570,676

1,403,947

52,067

72,902

122,938

207,519

478,090

32,606

41,305

73,378

104,589

231,900

615,624

1940

75,424

98,122

204,589

285,726

585,240

1,420,319

52,725

71,505

123,453

210,848

492,453

34,806

42,243

75,157

108,775

245,871

658,264

1941

68,565

89,036

189,585

268,986

559,569

1,325,296

48,094

63,898

110,184

196,340

474,489

35,969

43,140

74,997

111,204

265,422

721,311

1942

63,661

82,040

169,542

240,914

513,188

1,205,979

45,282

60,164

98,171

172,845

436,211

36,516

44,423

74,567

105,739

258,615

716,294

1943

62,725

78,811

155,703

218,673

451,306

1,001,017

46,638

59,588

92,733

160,514

390,227

40,291

47,789

74,845

104,967

255,401

640,311

1944

62,415

76,737

141,117

194,683

394,641

902,905

48,092

60,642

87,551

144,693

338,167

42,334

50,164

74,471

98,197

224,715

585,128

1945

61,465

76,646

146,370

202,198

401,841

889,571

46,283

59,215

90,542

152,288

347,648

41,151

48,847

76,234

104,600

237,506

594,574

1946

66,421

85,640

169,279

229,339

443,439

976,306

47,201

64,730

109,219

175,815

384,231

39,861

48,356

88,413

119,422

257,416

613,875

1947

69,245

89,154

173,992

234,781

443,993

945,670

49,336

67,944

113,203

182,478

388,252

38,544

45,618

83,736

113,310

241,724

553,701

1948

70,633

91,019

175,193

236,845

444,685

973,453

50,247

69,976

113,541

184,886

385,933

37,881

47,407

81,299

113,432

235,651

544,480

1949

74,184

95,235

181,551

243,947

455,434

999,879

53,133

73,656

119,155

191,075

394,940

39,225

49,077

84,050

116,065

236,896

546,711

1950

77,675

99,487

192,306

259,451

483,926

1,048,661

55,863

76,282

125,161

203,332

421,178

41,727

51,630

88,370

123,461

253,754

581,105

1951

76,924

97,330

185,879

249,271

461,118

958,976

56,517

75,192

122,487

196,310

405,800

42,601

51,394

87,677

119,457

245,244

556,141

1952

76,804

96,938

180,556

237,911

435,510

940,199

56,670

76,033

123,201

188,511

379,434

43,641

53,113

90,743

121,544

234,713

533,528

1954

78,921

99,788

183,460

238,989

430,036

905,855

58,053

78,870

127,932

191,227

377,167

45,751

55,924

97,380

128,291

241,283

535,144

1956

81,272

103,175

184,072

236,219

416,117

841,511

59,370

82,950

131,925

191,245

368,851

50,097

62,280

109,637

140,889

257,836

549,176

1958

84,162

106,428

184,067

234,050

409,076

835,893

61,897

87,018

134,084

190,294

361,652

51,236

64,955

111,269

140,282

251,910

534,617

1960

88,472

110,256

184,520

232,325

399,834

813,697

66,688

91,690

136,715

190,447

353,849

56,098

71,362

117,255

145,214

255,124

533,210

1961

90,953

112,801

187,484

235,500

401,880

808,089

69,106

94,130

139,468

193,905

356,746

58,441

73,593

119,933

148,007

258,962

534,441

1962

94,064

116,521

192,275

241,276

406,478

790,581

71,607

97,583

143,274

199,976

363,800

61,883

76,239

122,802

150,784

265,717

530,728

1964

95,808

117,535

195,028

246,604

407,198

784,684

74,080

98,162

143,453

206,456

365,255

66,624

80,146

126,595

160,662

286,435

542,710

1966

97,914

119,534

199,197

252,357

426,906

865,402

76,294

99,618

146,037

208,720

378,184

70,147

84,274

133,046

166,078

295,121

596,739

1967

101,655

124,693

210,425

266,630

448,460

911,119

78,617

103,260

154,220

221,173

397,053

71,978

87,179

138,802

176,589

312,781

624,458

1968

104,470

127,770

213,861

270,784

457,836

938,523

81,170

106,247

156,937

224,021

404,426

74,427

89,798

142,030

179,770

314,938

638,090

1969

106,693

130,114

215,321

271,600

457,785

975,335

83,273

108,812

159,042

225,053

400,279

76,377

92,192

143,387

180,992

313,810

636,540

1970

108,043

131,643

216,051

270,222

444,898

879,695

84,442

110,541

161,881

226,553

396,588

77,384

93,672

146,416

183,836

313,988

614,671

1971

110,701

135,148

223,464

280,558

464,866

927,145

86,255

113,069

166,369

234,481

413,502

78,938

95,663

150,841

190,095

327,298

640,425

1972

115,026

140,789

237,218

301,347

508,930

1,082,924

89,263

116,682

173,090

249,451

445,152

81,958

98,752

156,435

198,783

349,734

704,763

1973

116,558

143,173

241,757

305,786

510,089

1,056,740

89,943

118,527

177,729

254,710

449,350

82,327

99,970

159,225

203,628

354,000

705,552

1974

114,951

142,326

244,639

313,401

543,355

1,174,821

87,576

116,748

175,878

255,912

473,192

79,805

97,680

158,793

201,313

364,126

776,023

1975

113,603

140,081

242,111

311,739

539,598

1,167,627

87,126

114,573

172,483

254,774

469,817

79,526

96,621

153,438

201,180

363,041

759,148

1976

116,306

143,916

250,230

322,964

568,526

1,256,603

88,695

117,337

177,495

261,574

492,072

81,207

98,646

158,571

205,371

375,022

811,499

1977

117,745

145,969

255,972

331,592

588,789

1,298,220

89,520

118,468

180,352

267,293

509,963

81,918

99,630

160,493

208,455

384,924

846,031

1978

119,597

148,865

264,036

342,514

610,823

1,364,651

90,329

120,072

185,558

275,437

527,064

82,555

100,576

164,810

215,869

399,423

875,973

1979

117,241

146,336

263,793

344,539

622,886

1,451,137

88,146

116,971

183,047

274,952

530,858

80,504

97,944

161,170

214,675

396,295

901,861

1980

115,269

144,553

263,925

347,272

643,690

1,565,066

85,984

114,710

180,578

273,168

541,315

78,330

95,581

159,379

210,904

403,925

933,404

1981

114,672

143,870

261,786

345,598

647,029

1,584,977

85,475

114,391

177,974

270,241

542,813

77,765

95,581

158,123

207,479

401,198

945,032

1982

117,559

148,388

274,739

364,342

688,494

1,696,527

86,729

116,801

185,136

283,304

576,490

78,738

96,980

162,065

217,237

420,788

1,016,690

1983

121,890

154,988

291,461

390,402

753,062

1,977,993

88,792

120,869

192,519

299,737

616,959

80,322

99,621

168,634

227,605

448,249

1,128,318

1984

124,877

159,814

306,520

415,497

838,838

2,205,693

89,940

123,137

197,542

309,662

686,965

81,269

101,008

173,311

233,155

481,933

1,239,357

1985

127,166

162,870

311,117

421,094

844,924

2,304,728

91,462

125,809

201,140

315,136

682,724

82,422

103,195

176,457

236,994

484,327

1,296,960

1986

130,910

167,761

320,290

433,699

881,825

2,526,996

94,058

129,629

206,881

321,667

699,029

84,523

106,129

182,124

241,138

491,412

1,352,096

1987

134,913

176,270

359,588

501,297

1,072,634

3,043,245

93,556

130,441

217,879

358,463

853,677

84,205

105,976

189,294

259,484

577,220

1,653,199

1988

142,071

190,080

417,385

604,307

1,404,921

4,883,200

94,062

133,254

230,462

404,154

1,018,445

84,114

107,140

197,085

282,702

674,726

2,177,433

1989

138,481

182,960

381,856

537,866

1,179,299

3,619,152

94,001

133,237

225,846

377,507

908,204

83,775

107,266

194,130

273,890

603,187

1,843,721

1990

138,687

184,358

392,280

558,780

1,250,603

3,960,753

93,017

132,378

225,780

385,824

949,476

83,009

106,040

194,102

275,174

637,438

1,929,193

1991

137,208

181,329

373,720

521,138

1,123,211

3,418,087

93,087

133,231

226,301

370,620

868,224

82,801

106,827

195,157

270,886

589,803

1,738,865

1992

144,363

194,385

428,239

620,159

1,482,331

5,418,606

94,341

135,921

236,319

404,616

1,044,967

83,787

107,711

202,384

287,931

667,746

2,330,493

1993

141,157

188,682

401,279

568,280

1,285,743

4,245,922

93,632

135,533

234,279

388,914

956,834

83,167

107,501

202,023

282,866

630,251

2,014,489

1994

140,331

186,401

388,039

540,407

1,169,903

3,680,145

94,260

135,992

235,672

383,033

890,988

83,727

108,033

202,611

282,952

605,379

1,850,328

1995

145,134

194,527

414,170

583,884

1,302,842

4,211,522

95,742

139,616

244,456

404,145

979,655

84,957

110,045

209,216

295,446

649,240

2,103,309

1996

148,919

201,824

440,231

626,836

1,441,533

4,968,325

96,015

142,222

253,627

423,161

1,049,667

84,477

111,190

215,643

308,261

678,565

2,358,045

1997

154,700

211,788

476,366

688,876

1,675,138

6,208,105

97,612

145,644

263,856

442,310

1,171,475

85,913

112,514

225,629

317,575

729,980

2,740,935

1998

161,866

223,684

517,348

762,115

1,944,180

7,764,463

100,047

150,269

272,581

466,598

1,297,482

87,779

116,156

231,822

331,439

775,868

3,235,776

1999

169,287

236,294

561,509

840,117

2,251,243

9,520,039

102,280

154,990

282,900

487,335

1,443,599

89,960

119,141

241,632

344,530

820,172

3,841,139

2000

176,250

248,678

608,181

924,995

2,569,924 10,894,191

103,823

158,802

291,367

513,763

1,645,006

90,878

121,144

248,840

354,658

903,650

4,510,083

2001

170,409

235,464

540,773

793,883

2,020,936

7,645,053

105,355

159,136

287,663

487,119

1,396,034

92,085

122,595

246,863

346,222

824,391

3,523,244

2002

167,685

229,890

519,115

758,268

1,909,555

7,502,353

105,479

157,584

279,962

470,447

1,288,133

93,125

122,625

241,850

336,347

774,169

3,135,868

2003

168,986

231,487

521,250

759,995

1,903,746

7,393,433

106,485

159,047

282,504

474,057

1,293,781

93,925

123,790

243,960

339,404

777,845

3,120,941

2004

175,902

243,836

570,055

848,201

2,246,193

9,562,700

107,968

162,282

291,909

498,703

1,433,248

94,966

125,471

250,995

352,663

837,892

3,642,236

Notes: Levels computed from Tax returns statistics and total number of tax units and total wage bill from Table B1.
Wage income is wages, salaries, and tips on individual income tax form. It includes bonuses, and profits from exercised stockoptions.

Table B4: CEO Pay versus Average Wage, 1970 to 2003

CEO pay statistics (in thousands of 2000 dollars)

Year

Average
wage (in $
2000)

Total pay
rank 10

(1)

(2)

(3)

(4)

(5)

(6)

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

34,363
35,070
36,202
36,151
34,978
34,620
35,045
35,136
35,040
34,135
33,023
32,693
32,997
33,579
33,732
34,091
34,822
35,076
35,362
34,792
34,631
34,582
35,228
35,122
35,085
35,098
35,233
35,946
37,188
37,993
38,846
38,562
38,593
38,900

1,691
1,636
2,059
2,083
1,845
2,046
2,149
2,322
3,479
6,135
6,204
4,988
4,545
6,433
7,330
5,742
6,932
13,066
13,476
13,336
11,628
12,617
27,835
20,009
14,364
19,643
37,299
47,335
63,700
90,470
84,449
81,672
28,098
30,809

1,216
1,194
1,376
1,478
1,408
1,399
1,513
1,651
2,029
2,819
2,390
2,631
2,413
2,428
2,633
3,161
3,776
4,732
4,671
4,617
5,554
5,690
8,039
9,283
6,535
9,500
11,493
13,585
18,925
20,084
27,207
15,270
13,046
13,975

1,021
1,058
1,178
1,218
1,240
1,201
1,296
1,364
1,622
2,024
1,815
1,960
1,871
1,754
1,836
2,275
2,609
2,967
3,043
2,990
3,417
3,924
4,933
4,332
4,553
5,774
7,459
9,041
10,564
11,773
13,292
7,831
7,810
8,880

1,326
1,267
1,558
1,610
1,490
1,555
1,655
1,805
2,430
3,569
3,337
3,621
4,500
3,298
4,045
3,837
4,928
7,519
6,754
6,937
7,701
8,570
15,018
14,867
8,656
12,056
20,126
23,648
35,316
39,626
40,378
35,499
17,693
18,500

Total pay Total pay Total pay

Salary+bonus
rank 50 rank 100 average 100
rank 10

Composition of Pay of top 100 CEOs

Share
Salary+bonus

Share Stock
options

Share Other

(7)

(8)

(9)

(10)

1,553
1,424
1,717
1,718
1,663
1,649
1,967
1,953
1,981
2,250
2,106
2,114
2,044
2,458
2,488
2,905
4,697
4,549
5,389
5,528
4,511
4,579
4,101
5,443
5,666
5,818
7,386
9,084
7,725
10,060

84.66
84.07
85.99
82.85
87.13
86.04
84.45
80.00
59.50
40.36
43.44
39.19
32.66
48.77
42.68
49.08
52.44
32.87
38.32
41.49
35.68
31.28
17.29
18.45
41.23
29.44
22.37
15.45
9.24
9.73

15.34
15.93
14.01
17.15
12.87
13.96
15.55
20.00
40.50
22.12
38.10
48.07
55.29
45.54
15.76
35.20
30.53
59.43
51.90
48.20
38.56
54.12
67.55
64.29
34.22
53.62
58.28
67.04
78.72
58.52

Notes: Average is the total wages and salaries divided by number of equivalent full-time employees (from National Income and Product Accounts)
CEO pay statistics are computed from the top 100 CEOs (in term of total pay) from Forbes survey of 800 CEOs from 1970 to 2003.

37.52
18.46
12.75
12.06
5.69
41.56
15.72
17.04
7.70
9.78
10.31
25.76
14.60
15.16
17.26
24.54
16.94
19.35
17.50
12.04
31.76

1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

P90-100
0.4029
0.3990
0.3948
0.3810
0.4286
0.4295
0.4059
0.4326
0.4417
0.4407
0.4467
0.4609
0.4376
0.4307
0.4440
0.4630
0.4503
0.4516
0.4339
0.4477
0.4335
0.4300
0.4457
0.4443
0.4102
0.3549
0.3267
0.3155
0.3264
0.3462
0.3302
0.3372
0.3376
0.3387
0.3282
0.3207
0.3138
0.3212
0.3177
0.3181
0.3169
0.3211
0.3203
0.3166
0.3190
0.3204
0.3201
0.3164
0.3152
0.3198
0.3205
0.3198
0.3182
0.3151
0.3175
0.3162
0.3185
0.3236
0.3262
0.3242
0.3243
0.3244
0.3235
0.3287
0.3272
0.3322
0.3369
0.3395
0.3425
0.3457
0.3648
0.3863
0.3847
0.3884
0.3838
0.3982
0.3948
0.3960
0.4054
0.4116
0.4173
0.4212
0.4267
0.4311
0.4223
0.4167
0.4204
0.4291

08/23/201617:44:00

50%
Share (in %), excluding capital gains
45%

40%

35%

30%

25%

FIGURE 1
The Top Decile Income Share, 1917-2004
Source: Table A1, col. P90-100.
Income is defined as market income but excludes capital gains.

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

P90-95

P95-99

0.100
0.106
0.102
0.106
0.124
0.119
0.116
0.123
0.117
0.113
0.112
0.113
0.107
0.119
0.134
0.137
0.125
0.122
0.124
0.121
0.120
0.128
0.133
0.131
0.120
0.104
0.096
0.098
0.097
0.100
0.097
0.100
0.103
0.100
0.101
0.102
0.104
0.106
0.104
0.105
0.105
0.109
0.110
0.111
0.110
0.111
0.111
0.110
0.108
0.110
0.110
0.110
0.111
0.111
0.113
0.113
0.113
0.113
0.116
0.116
0.116
0.116
0.115
0.117
0.117
0.118
0.119
0.119
0.119
0.120
0.120
0.117
0.118
0.118
0.120
0.119
0.121
0.121
0.121
0.120
0.119
0.118
0.117
0.116
0.118
0.120
0.121
0.119

0.127
0.134
0.134
0.130
0.150
0.148
0.140
0.146
0.149
0.147
0.148
0.152
0.146
0.148
0.157
0.171
0.167
0.171
0.154
0.150
0.149
0.155
0.159
0.156
0.140
0.122
0.115
0.112
0.118
0.129
0.123
0.124
0.125
0.125
0.122
0.121
0.119
0.122
0.122
0.123
0.122
0.124
0.123
0.122
0.126
0.127
0.127
0.126
0.126
0.126
0.126
0.126
0.127
0.126
0.127
0.126
0.128
0.129
0.130
0.130
0.129
0.129
0.128
0.130
0.129
0.130
0.132
0.132
0.133
0.135
0.137
0.138
0.141
0.141
0.143
0.144
0.146
0.147
0.149
0.151
0.151
0.151
0.151
0.150
0.150
0.150
0.151
0.148

P99-100
0.180
0.182
0.176
0.186
0.176
0.159
0.159
0.145
0.155
0.163
0.150
0.163
0.176
0.180
0.187
0.196
0.184
0.164
0.153
0.155
0.158
0.159
0.156
0.176
0.165
0.147
0.154
0.157
0.150
0.129
0.115
0.105
0.111
0.118
0.110
0.113
0.109
0.114
0.105
0.098
0.091
0.094
0.092
0.091
0.090
0.088
0.087
0.084
0.083
0.083
0.082
0.080
0.081
0.084
0.084
0.084
0.080
0.078
0.078
0.078
0.077
0.081
0.080
0.079
0.079
0.080
0.080
0.082
0.080
0.084
0.086
0.089
0.091
0.091
0.107
0.132
0.126
0.130
0.122
0.135
0.128
0.129
0.135
0.141
0.148
0.153
0.159
0.165
0.154
0.146
0.149
0.162

08/23/201617:44:00

20%
19%
18%
Share
(in %), excluding capital gains
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
P90-95
6%
5%

P95-99

P99-100

FIGURE 2
The Income Shares of P90-95, P95-99, and P99-100, 1913-2004
Source: Table A1, col. P90-95, P95-99, P99-100.
Income is defined as market income but excludes capital gains.

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

P99.99-100
0.0276
0.0273
0.0436
0.0440
0.0333
0.0245
0.0222
0.0167
0.0169
0.0201
0.0175
0.0201
0.0235
0.0254
0.0276
0.0323
0.0301
0.0239
0.0207
0.0193
0.0204
0.0192
0.0195
0.0223
0.0202
0.0167
0.0174
0.0177
0.0163
0.0132
0.0097
0.0092
0.0084
0.0092
0.0090
0.0095
0.0095
0.0083
0.0087
0.0075
0.0067
0.0071
0.0072
0.0068
0.0066
0.0064
0.0062
0.0060
0.0059
0.0056
0.0057
0.0053
0.0054
0.0060
0.0060
0.0058
0.0055
0.0053
0.0052
0.0052
0.0050
0.0056
0.0056
0.0056
0.0057
0.0058
0.0062
0.0065
0.0066
0.0077
0.0087
0.0098
0.0097
0.0100
0.0130
0.0199
0.0174
0.0183
0.0161
0.0202
0.0174
0.0173
0.0182
0.0197
0.0220
0.0241
0.0263
0.0284
0.0240
0.0219
0.0237
0.0287

08/23/201617:44:00

4.5%
4.0%
Share (in %), excluding capital gains
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%

FIGURE 3
The Top 0.01% Income Share, 1913-2004
Source: Table A1, col. P99.99-100.
Income is defined as market income but excludes capital gains.

P90-95
P95-99
P99-99.5
P99.5-99.9
P99.9-99.99
P99.99-100

Wage Income
Capital IncomeEntrepreneurial Income
0.597
0.205
0.198
0.551
0.238
0.211
0.420
0.328
0.251
0.330
0.472
0.197
0.198
0.635
0.166
0.088
0.706
0.206

08/23/201617:44:00

P90-95
P95-99
P99-99.5
P99.5-99.9
P99.9-99.99
P99.99-100

Wage Income
Capital IncomeEntrepreneurial Income
0.912
0.040
0.048
0.822
0.064
0.114
0.704
0.091
0.205
0.638
0.112
0.249
0.542
0.145
0.313
0.515
0.161
0.324

08/23/201617:44:00

Panel B: 1999

Panel A: 1929
100%

100%

90%

90%

80%

80%

70%

70%

60%

60%

50%

50%

40%

40%

30%

30%

20%

20%

10%

10%

0%
P90-95

P95-99

Wage Income

P99-99.5 P99.5-99.9 P99.9-99.99 P99.99-100

Capital Income

Entrepreneurial Income

0%
P90-95

P95-99

Wage Income

P99-99.5 P99.5-99.9 P99.9-99.99 P99.99-100

Capital Income

FIGURE 4
Income Composition of Top Groups within the Top Decile in 1929 and 1999
Capital income does not include capital gains
Source: Table A4, rows 1929 and 1999.

Entrepreneurial Income

Figure 3
United States Top 0.01% composition
Top 0.1% Capital G Capital I Business Salaries

1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

0.0839
0.0674
0.0651
0.0535
0.0561
0.0635
0.0565
0.0638
0.0737
0.0755
0.0808
0.0934
0.0877
0.0664
0.0577
0.0596
0.0629
0.0589
0.0596
0.0692
0.0623
0.0536
0.0556
0.0568
0.0543
0.0457
0.0393
0.0346
0.0359
0.0371
0.0344
0.0362
0.0348
0.0382
0.0337
0.0298
0.0269
0.0289
0.0293
0.0279
0.0266
0.0263
0.0266
0.0252
0.0265
0.0244
0.0241
0.0248
0.0262
0.0275
0.0287
0.0300
0.0279
0.0229
0.0238
0.0239
0.0219
0.0231
0.0223
0.0224
0.0227
0.0228
0.0274
0.0277
0.0272
0.0328
0.0354
0.0387
0.0407
0.0489
0.0425
0.0610
0.0547
0.0540
0.0467
0.0567
0.0527
0.0518
0.0558
0.0635
0.0715
0.0758
0.0800
0.0878
0.0709
0.0646
0.0677
0.0785

0.0010
0.0005
0.0019
0.0008
0.0007
0.0031
0.0027
0.0042
0.0099
0.0080
0.0101
0.0182
0.0170
0.0040
0.0016
0.0008
0.0034
0.0013
0.0028
0.0046
0.0015
0.0029
0.0018
0.0018
0.0020
0.0012
0.0020
0.0018
0.0038
0.0043
0.0029
0.0027
0.0021
0.0039
0.0034
0.0029
0.0023
0.0040
0.0054
0.0048
0.0036
0.0040
0.0055
0.0049
0.0069
0.0052
0.0051
0.0059
0.0068
0.0068
0.0083
0.0099
0.0088
0.0040
0.0054
0.0056
0.0038
0.0026
0.0025
0.0029
0.0030
0.0027
0.0069
0.0063
0.0059
0.0094
0.0108
0.0120
0.0136
0.0236
0.0070
0.0115
0.0094
0.0066
0.0043
0.0062
0.0073
0.0063
0.0077
0.0127
0.0169
0.0182
0.0190
0.0188
0.0116
0.0090
0.0105
0.0149

0.0569
0.0390
0.0318
0.0281
0.0307
0.0362
0.0334
0.0373
0.0390
0.0443
0.0463
0.0475
0.0467
0.0438
0.0381
0.0376
0.0335
0.0348
0.0340
0.0415
0.0395
0.0279
0.0313
0.0310
0.0245
0.0157
0.0119
0.0106
0.0105
0.0123
0.0136
0.0150
0.0155
0.0165
0.0139
0.0128
0.0112
0.0119
0.0123
0.0121
0.0119
0.0114
0.0107
0.0106
0.0100
0.0101
0.0102
0.0100
0.0101
0.0097
0.0092
0.0099
0.0088
0.0084
0.0080
0.0075
0.0074
0.0084
0.0077
0.0074
0.0073
0.0075
0.0080
0.0087
0.0095
0.0104
0.0093
0.0091
0.0104
0.0091
0.0091
0.0123
0.0126
0.0127
0.0117
0.0097
0.0087
0.0089
0.0087
0.0087
0.0087
0.0085
0.0082
0.0096
0.0088
0.0088
0.0099
0.0106

0.0132
0.0151
0.0194
0.0134
0.0120
0.0121
0.0095
0.0103
0.0129
0.0110
0.0120
0.0153
0.0128
0.0067
0.0058
0.0061
0.0099
0.0078
0.0084
0.0094
0.0076
0.0079
0.0082
0.0091
0.0131
0.0175
0.0174
0.0150
0.0147
0.0127
0.0097
0.0098
0.0081
0.0091
0.0081
0.0066
0.0060
0.0057
0.0048
0.0041
0.0045
0.0042
0.0042
0.0035
0.0037
0.0034
0.0033
0.0035
0.0037
0.0048
0.0051
0.0044
0.0041
0.0043
0.0042
0.0040
0.0040
0.0046
0.0040
0.0036
0.0035
0.0034
0.0029
0.0022
0.0010
0.0019
0.0030
0.0032
0.0042
0.0037
0.0078
0.0133
0.0130
0.0130
0.0124
0.0139
0.0135
0.0163
0.0165
0.0171
0.0178
0.0179
0.0178
0.0186
0.0186
0.0192
0.0201
0.0220

08/23/201617:44:00

0.0128
0.0128
0.0120
0.0111
0.0128
0.0121
0.0109
0.0120
0.0119
0.0122
0.0124
0.0124
0.0113
0.0119
0.0123
0.0151
0.0161
0.0150
0.0144
0.0136
0.0138
0.0149
0.0143
0.0150
0.0146
0.0112
0.0079
0.0072
0.0070
0.0078
0.0081
0.0087
0.0092
0.0086
0.0083
0.0076
0.0075
0.0074
0.0069
0.0068
0.0067
0.0067
0.0061
0.0062
0.0059
0.0057
0.0055
0.0055
0.0057
0.0061
0.0062
0.0059
0.0061
0.0061
0.0063
0.0069
0.0067
0.0074
0.0081
0.0085
0.0089
0.0092
0.0096
0.0105
0.0108
0.0111
0.0123
0.0143
0.0125
0.0124
0.0185
0.0240
0.0197
0.0217
0.0183
0.0269
0.0232
0.0202
0.0220
0.0238
0.0268
0.0299
0.0335
0.0402
0.0317
0.0275
0.0272
0.0312

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
-0.0010
-0.0011
-0.0013
-0.0014
-0.0015
-0.0007
-0.0003
0.0000
0.0000
0.0002

10%
9%

Capital Gains

Capital Income

Business Income

Salaries

8%
7%
6%
5%
4%
3%
2%
1%
0%

FIGURE 4B
The Top 0.1% Income Share and Composition, 1916-2004
The Figure displays the top 0.1% income share and its composition.
Source: Table A2, Table A7, and Table A8, col. P99.9-100.

1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

Capital i Dividends
0.518 0.36729
0.593 0.43113
0.501 0.34509
0.436 0.28716
0.454 0.31248
0.465 0.30677
0.508 0.31943
0.519 0.33964
0.519 0.3447
0.519 0.34838
0.549 0.37795
0.556 0.3834
0.553 0.38214
0.570 0.39252
0.583 0.40865
0.552 0.37217
0.513 0.32439
0.448 0.28001
0.469 0.31509
0.468 0.32409
0.517 0.39778
0.516
0.401
0.431 0.31354
0.451 0.33781
0.436 0.33178
0.367 0.28274
0.293 0.21867
0.257 0.19238
0.250 0.18317
0.244 0.17651
0.266 0.19795
0.304 0.23116
0.319 0.24459
0.340 0.2567
0.342 0.25883
0.329 0.24974
0.326 0.2438
0.316 0.2344
0.325 0.24148
0.326 0.26495
0.355 0.28149
0.348 0.2763
0.345 0.26918
0.340 0.26437
0.351 0.26786
0.346 0.26891
0.348 0.26801
0.355 0.27336
0.354 0.28135
0.348 0.2762
0.313 0.22927
0.296 0.2167
0.316 0.23172
0.303 0.21019
0.290 0.18788
0.284 0.17782
0.273 0.16856
0.276 0.16641
0.289 0.16073
0.277 0.15719
0.271 0.15902
0.266 0.15709
0.262 0.15432
0.280 0.15555
0.298 0.15268
0.337 0.15079
0.331 0.14949
0.282 0.13022
0.264 0.10272
0.290 0.1117
0.273 0.13052
0.210 0.07954
0.206 0.08451
0.233 0.08229
0.219 0.07541
0.221 0.07276
0.163 0.05945
0.156 0.05819
0.160 0.05983
0.146 0.0554
0.143 0.0548
0.139 0.0541
0.130 0.0498
0.124 0.0488
0.130 0.0522
0.129 0.0459
0.128 0.0473
0.138 0.0593
0.135 0.0657

08/23/201617:44:00

65%
60%
Capital income
Share
(in %), excluding capital gains
55%

Dividends

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

FIGURE 5
The Capital Income Share in the Top 0.5%,1916-2004
Series display the share of capital income (excluding capital gains) and dividends
in total income (excluding capital gains) for the top 0.5% income quantile.
Source: Table A7, column P99.5-100

1929
1930

Labor
0.6706
0.6953

Capital
0.3294
0.3047

1931
1932
1933
1934
1935

0.7427
0.7851
0.7895
0.7343
0.7174

0.2573
0.2149
0.2105
0.2657
0.2826

1936
1937
1938
1939
1940

0.6995
0.7126
0.7261
0.7163
0.6854

0.3005
0.2874
0.2739
0.2837
0.3146

1941
1942
1943
1944
1945

0.6645
0.6625
0.6733
0.6840
0.7067

0.3355
0.3375
0.3267
0.3160
0.2933

1946
1947
1948
1949

0.7428
0.7214
0.6949
0.6959

0.2572
0.2786
0.3051
0.3041

1950
1951

0.6812
0.6858

0.3188
0.3142

1952
1953
1954

0.7061
0.7177
0.7146

0.2939
0.2823
0.2854

1955
1956

0.6932
0.7107

0.3068
0.2893

1957
1958
1959

0.7161
0.7218
0.7073

0.2839
0.2782
0.2927

1960
1961

0.7213
0.7207

0.2787
0.2793

1962
1963
1964

0.7133
0.7092
0.7052

0.2867
0.2908
0.2948

1965
1966

0.6962
0.6999

0.3038
0.3001

1967
1968

0.7096
0.7148

0.2904
0.2852

1969
1970

0.7289
0.7454

0.2711
0.2546

1971
1972
1973

0.7334
0.7320
0.7380

0.2666
0.2680
0.2620

1974
1975

0.7487
0.7222

0.2513
0.2778

1976
1977
1978
1979

0.7215
0.7142
0.7162
0.7289

0.2785
0.2858
0.2838
0.2711

1980
1981
1982
1983
1984

0.7365
0.7218
0.7240
0.7131
0.7058

0.2635
0.2782
0.2760
0.2869
0.2942

1985
1986
1987
1988
1989

0.7109
0.7203
0.7173
0.7123
0.7156

0.2891
0.2798
0.2827
0.2877
0.2844

1990
1991
1992
1993
1994

0.7210
0.7209
0.7266
0.7220
0.7140

0.2790
0.2791
0.2734
0.2780
0.2860

1995
1996
1997
1998
1999

0.7056
0.6970
0.6896
0.7036
0.7079

0.2944
0.3030
0.3104
0.2964
0.2921

2000
2001
2002
2003

0.7198
0.7253
0.7054
0.6925

0.2802
0.2747
0.2946
0.3075

08/23/201617:44:00

1929
1930

Capital income
0.21336
0.21830

Dividends
0.06800
0.07190

1931
1932
1933
1934
1935

0.21985
0.23200
0.21109
0.18959
0.17355

0.06260
0.05000
0.04264
0.04833
0.04628

1936
1937
1938
1939
1940

0.17587
0.17093
0.16910
0.16963
0.16158

0.06541
0.06326
0.04665
0.05198
0.05089

1941
1942
1943
1944
1945

0.14330
0.11793
0.09974
0.09501
0.09715

0.04569
0.03473
0.02887
0.02766
0.02676

1946
1947
1948
1949

0.10808
0.10984
0.10848
0.11527

0.03120
0.03280
0.03316
0.03458

1950
1951

0.11962
0.11171

0.03828
0.03324

1952
1953
1954

0.11083
0.11415
0.12229

0.03115
0.03042
0.03150

1955
1956

0.12279
0.12294

0.03314
0.03324

1957
1958
1959

0.12497
0.12730
0.12893

0.03256
0.03135
0.03198

1960
1961

0.13375
0.13502

0.03247
0.03230

1962
1963
1964

0.13758
0.14075
0.14288

0.03276
0.03368
0.03528

1965
1966

0.14388
0.14166

0.03624
0.03414

1967
1968

0.14038
0.13688

0.03306
0.03289

1969
1970

0.13678
0.13803

0.03099
0.02889

1971
1972
1973

0.13667
0.13336
0.13526

0.02762
0.02695
0.02685

1974
1975

0.14058
0.13734

0.02709
0.02471

1976
1977
1978
1979

0.13623
0.13866
0.14305
0.15153

0.02643
0.02730
0.02743
0.02758

1980
1981
1982
1983
1984

0.16425
0.17923
0.18686
0.18732
0.19409

0.02754
0.02831
0.02749
0.02833
0.02773

1985
1986
1987
1988
1989

0.19431
0.19327
0.19119
0.19288
0.20257

0.02774
0.02858
0.02829
0.03029
0.03365

1990
1991
1992
1993
1994

0.20128
0.19792
0.18527
0.18171
0.18468

0.03373
0.03506
0.03438
0.03619
0.03986

1995
1996
1997
1998
1999

0.18778
0.18904
0.19132
0.19311
0.18091

0.04096
0.04542
0.04828
0.04750
0.04301

2000
2001
2002
2003

0.18238
0.17652
0.17414
0.16915

0.04462
0.04260
0.04447
0.04656

08/23/201617:44:00

A. Factor shares in the corporate sector

100%

B. The capital income share in the personal income sector

25%

90%
80%

20%

70%
60%

15%

50%
40%

10%

30%
20%

5%

10%
0%

0%

Labor

Capital

Capital income

FIGURE 6
Capital Income in the Corporate and Personal Sector, 1929-2003

Source: Authors' computations based on National Income and Product Accounts.

Panel A from NIPA Table 1.14; consumption of fixed capital and net interest have been included in the capital share.
Panel B from NIPA Table 2.1; capital income includes dividends, interest, and rents.

Dividends

1/1/1916
1/1/1917
1/1/1918
1/1/1919
1/1/1920
1/1/1921
1/1/1922
1/1/1923
1/1/1924
1/1/1925
1/1/1926
1/1/1927
1/1/1928
1/1/1929
1/1/1930
1/1/1931
1/1/1932
1/1/1933
1/1/1934
1/1/1935
1/1/1936
1/1/1937
1/1/1938
1/1/1939
1/1/1940
1/1/1941
1/1/1942
1/1/1943
1/1/1944
1/1/1945
1/1/1946
1/1/1947
1/1/1948
1/1/1949
1/1/1950
1/1/1953
1/1/1954
1/1/1956
1/1/1958
1/1/1960
1/1/1962
1/1/1965
1/1/1969
1/1/1972
1/1/1976
1/1/1982
1/1/1983
1/1/1984
1/1/1985
1/1/1986
1/1/1987
1/1/1988
1/1/1989
1/1/1990
1/1/1991
1/1/1992
1/1/1993
1/1/1994
1/1/1995
1/1/1996
1/1/1997
1/1/1998
1/1/1999
1/1/2000
1/1/2001
1/1/2002
1/1/2002

P99.9-100
0.2103
0.1931
0.2002
0.2239
0.2036
0.1754
0.1755
0.1780
0.1900
0.1845
0.1841
0.2128
0.1970
0.2080
0.2285
0.1877
0.1468
0.1628
0.1494
0.1498
0.1663
0.1422
0.1413
0.1318
0.1242
0.1235
0.1131
0.1096
0.1140
0.1054
0.1028
0.1026
0.0945
0.0903
0.0924
0.0973
0.0960
0.1048
0.1006
0.1053
0.1036
0.1085
0.0987
0.0989
0.0745
0.0733
0.0840
0.0860
0.0945
0.0961
0.0898
0.0895
0.0930
0.0873
0.0895
0.0899
0.0869
0.0900
0.0930
0.0912
0.0901
0.0950
0.0951
0.0918

08/23/201617:44:01

25%

20%

Wealth
Share
15%

10%

5%

0%
1/1/1916 1/1/1929 1/1/1942 1/1/1955 1/1/1968 1/1/1981 1/1/1994

FIGURE 7
The Top 0.1% Wealth Share in the United States, 1916-2000
Source: Kopczuk and Saez (2004), Table 3, col. Top 0.1%.
Top wealth shares are estimated from estate tax returns using the estate multiplier method.

year
1/1/1927
1/1/1928
1/1/1929
1/1/1930
1/1/1931
1/1/1932
1/1/1933
1/1/1934
1/1/1935
1/1/1936
1/1/1937
1/1/1938
1/1/1939
1/1/1940
1/1/1941
1/1/1942
1/1/1943
1/1/1944
1/1/1945
1/1/1946
1/1/1947
1/1/1948
1/1/1949
1/1/1950
1/1/1951
1/1/1952
1/1/1954
1/1/1956
1/1/1958
1/1/1960
1/1/1961
1/1/1962
1/1/1964
1/1/1966
1/1/1967
1/1/1968
1/1/1969
1/1/1970
1/1/1971
1/1/1972
1/1/1973
1/1/1974
1/1/1975
1/1/1976
1/1/1977
1/1/1978
1/1/1979
1/1/1980
1/1/1981
1/1/1982
1/1/1983
1/1/1984
1/1/1985
1/1/1986
1/1/1987
1/1/1988
1/1/1989
1/1/1990
1/1/1991
1/1/1992
1/1/1993
1/1/1994
1/1/1995
1/1/1996
1/1/1997
1/1/1998
1/1/1999
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004

P90-100
0.27893
0.29109
0.29244
0.28628
0.29339
0.3028
0.30075
0.29767
0.3031
0.29695
0.3006
0.29834
0.30645
0.30853
0.29334
0.2708
0.25879
0.24609
0.24045
0.25104
0.24969
0.25033
0.25003
0.25184
0.24706
0.24425
0.24133
0.24531
0.24668
0.25225
0.25212
0.25224
0.25152
0.25344
0.25773
0.25602
0.25707
0.25669
0.25671
0.25811
0.26141
0.26614
0.26464
0.26656
0.26937
0.27431
0.27631
0.28061
0.28144
0.28549
0.29086
0.2961
0.2974
0.29943
0.30589
0.31945
0.31529
0.31794
0.31431
0.3245
0.31849
0.31535
0.32428
0.33151
0.33865
0.34335
0.35102
0.35738
0.34572
0.33817
0.33713
0.34637

37.5%

35.0%

32.5%

Share
(in %)
30.0%

27.5%

25.0%

22.5%

20.0%
1/1/1927 1/1/1936 1/1/1945 1/1/1954 1/1/1963 1/1/1972 1/1/1981 1/1/1990 1/1/1999

FIGURE 8
The Top Decile Wage Income Share, 1927-2002
Source: Table B2, col. P90-100.
Wage income includes bonuses, and profits from exercised stockoptions.

year
1/1/1927
1/1/1928
1/1/1929
1/1/1930
1/1/1931
1/1/1932
1/1/1933
1/1/1934
1/1/1935
1/1/1936
1/1/1937
1/1/1938
1/1/1939
1/1/1940
1/1/1941
1/1/1942
1/1/1943
1/1/1944
1/1/1945
1/1/1946
1/1/1947
1/1/1948
1/1/1949
1/1/1950
1/1/1951
1/1/1952
1/1/1954
1/1/1956
1/1/1958
1/1/1960
1/1/1961
1/1/1962
1/1/1964
1/1/1966
1/1/1967
1/1/1968
1/1/1969
1/1/1970
1/1/1971
1/1/1972
1/1/1973
1/1/1974
1/1/1975
1/1/1976
1/1/1977
1/1/1978
1/1/1979
1/1/1980
1/1/1981
1/1/1982
1/1/1983
1/1/1984
1/1/1985
1/1/1986
1/1/1987
1/1/1988
1/1/1989
1/1/1990
1/1/1991
1/1/1992
1/1/1993
1/1/1994
1/1/1995
1/1/1996
1/1/1997
1/1/1998
1/1/1999
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004

P90-95
0.09042
0.09329
0.09488
0.09399
0.09648
0.10605
0.1027
0.09825
0.10192
0.09748
0.10011
0.10179
0.10588
0.10784
0.10288
0.09631
0.09621
0.09481
0.09053
0.0892
0.08895
0.08904
0.08954
0.09056
0.09076
0.09011
0.08876
0.0896
0.09071
0.09507
0.09578
0.09601
0.09724
0.09874
0.09966
0.09946
0.10032
0.10031
0.10001
0.10015
0.10086
0.10138
0.10148
0.10164
0.1024
0.10359
0.10387
0.10466
0.10489
0.10531
0.10594
0.10663
0.10695
0.10757
0.10606
0.10575
0.10701
0.10662
0.10662
0.10603
0.10563
0.10591
0.10696
0.10687
0.10684
0.10611
0.10604
0.10526
0.10687
0.10636
0.10622
0.1063

P95-99 P99-100
0.10199 0.08652
0.10914 0.08866
0.11085 0.08671
0.10688 0.08541
0.11223 0.08468
0.11385 0.0829
0.11497 0.08308
0.11635 0.08307
0.11717 0.08401
0.1135 0.08597
0.11642 0.08407
0.11528 0.08127
0.1186 0.08197
0.117 0.08369
0.10935 0.08111
0.10237 0.07212
0.09834 0.06424
0.09564 0.05564
0.09266 0.05726
0.09786 0.06398
0.098 0.06274
0.0992 0.06209
0.0993 0.06119
0.09893 0.06235
0.0966 0.0597
0.09672 0.05742
0.09647 0.0561
0.10015 0.05556
0.10202 0.05395
0.10457 0.05261
0.10437 0.05197
0.10467 0.05156
0.10308 0.0512
0.10314 0.05156
0.10472 0.05335
0.10415 0.05241
0.10487 0.05188
0.10505 0.05133
0.10488 0.05182
0.10473 0.05323
0.10633 0.05422
0.10812 0.05664
0.10676 0.0564
0.10757 0.05735
0.10841 0.05856
0.11016 0.06056
0.11027 0.06217
0.1117 0.06425
0.1123 0.06425
0.11346 0.06672
0.11537 0.06955
0.11679 0.07268
0.11769 0.07276
0.1186 0.07326
0.1183 0.08153
0.11985 0.09385
0.12134 0.08694
0.12139 0.08993
0.12208 0.08561
0.12221 0.09626
0.12232 0.09054
0.12224 0.0872
0.12478 0.09254
0.12664
0.098
0.12753 0.10428
0.1275 0.10974
0.12855 0.11643
0.1288 0.12332
0.12914 0.10971
0.12712 0.10469
0.12692 0.10399
0.12782 0.11225

13%
12%
11%
10%
Share (in %)
9%
8%
7%
6%
5%
P90-95

P95-99

P99-100

4%
1/1/1927 1/1/1937 1/1/1947 1/1/1957 1/1/1967 1/1/1977 1/1/1987 1/1/1997

FIGURE 9
Wage Income Shares for P90-95, P95-99, and P99-100, 1927-2002
Source: Table B2, col. P90-95, P95-99, P99-100.
Wage income includes bonuses, and profits from exercised stockoptions.

year Officers ComP99-99.9 99.5-100

1/1/1917
0.05
1/1/1918
0.07
1/1/1919
0.06
1/1/1920
0.06
1/1/1921
0.07
1/1/1922
0.07
1/1/1923
0.06
1/1/1924
0.06
1/1/1927
0.06041 0.05997
1/1/1928
0.07
0.0619 0.0611
1/1/1929
0.07
0.06103 0.06071
1/1/1930
0.07
0.05988 0.05991
1/1/1931
0.07
0.06014 0.05803
1/1/1932
0.07
0.05921 0.05659
1/1/1933
0.07
0.05869 0.0577
1/1/1934
0.06
0.05942 0.05761
1/1/1935
0.06
0.05956 0.05806
1/1/1936
0.06
0.06094 0.0596
1/1/1937
0.06
0.05956 0.05843
1/1/1938
0.06
0.05817 0.05698
1/1/1939
0.06
0.05822 0.05639
1/1/1940
0.06
0.05913 0.05782
1/1/1941
0.06
0.05667 0.05704
1/1/1942
0.04
0.05029 0.05124
1/1/1943
0.04
0.04553 0.04502
1/1/1944
0.03
0.04 0.03829
1/1/1945
0.04
0.04171 0.03971
1/1/1946
0.05
0.04723 0.04334
1/1/1947
0.05
0.04677 0.04236
1/1/1948
0.05
0.04617 0.04182
1/1/1949
0.05
0.04574 0.04102
1/1/1950
0.05
0.04674 0.04212
1/1/1951
0.05
0.04479 0.03993
1/1/1952
0.05
0.04348 0.03775
1/1/1953
0.04
1/1/1954
0.05
0.043 0.03659
1/1/1955
0.05
1/1/1956
0.05
0.043 0.03565
1/1/1957
0.05
1/1/1958
0.05
0.042 0.03434
1/1/1959
0.05
1/1/1960
0.05
0.04119 0.0331
1/1/1961
0.05
0.0409 0.0327
1/1/1962
0.06
0.04069 0.03239
1/1/1963
0.06
1/1/1964
0.06
0.04048 0.03234
1/1/1965
0.06
1/1/1966
0.06
0.04053 0.03268
1/1/1967
0.06
0.04197 0.0338
1/1/1968
0.06
0.04118 0.03317
1/1/1969
0.06
0.04086 0.03274
1/1/1970
0.06
0.04079 0.03213
1/1/1971
0.06
0.04108 0.03256
1/1/1972
0.06
0.04178 0.0338
1/1/1973
0.07
0.04275 0.03427
1/1/1974
0.07
0.04407 0.03629
1/1/1975
0.07
0.04382 0.0363
1/1/1976
0.07
0.04429
0.037
1/1/1977
0.07
0.04509 0.03793
1/1/1978
0.08
0.0466 0.03931
1/1/1979
0.08
0.04732 0.04046
1/1/1980
0.08
0.04849 0.04219
1/1/1981
0.08
0.04829 0.04233
1/1/1982
0.08
0.05012 0.04433
1/1/1983
0.08
0.05171 0.0467
1/1/1984
0.08
0.05292 0.04939
1/1/1985
0.09
0.05288 0.04912
1/1/1986
0.09
0.0532 0.04971
1/1/1987
0.09
0.05721 0.05684
1/1/1988
0.08
0.06232 0.06802
1/1/1989
0.08
0.06001 0.06115
1/1/1990
0.07
0.06136 0.06416
1/1/1991
0.07
0.05997 0.05977
1/1/1992
0.07
0.06287 0.06963
1/1/1993
0.07
0.06157 0.06414
1/1/1994
0.09
0.061 0.0608
1/1/1995
0.09
0.06345 0.06525
1/1/1996
0.09
1/1/1997
0.09
1/1/1998
1/1/1999
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004

8%
7%
6%
5%
Share (in %)
4%
3%
2%
1%
Officers Compensation

P99.5-100

P99-99.9

0%
1/1/1917 1/1/1924 1/1/1931 1/1/1938 1/1/1945 1/1/1952 1/1/1959 1/1/1966 1/1/1973

FIGURE 10
Shares of Officers Compensation and Wages Shares P99.5-100 and P99-99.9, 1917-1960
Source: Officers compensation from Authors' computations based on corporate income tax returns
(Table B1, col. Officers compensation, and Table B2, col. P99.5-100, and P99-99.5+P99.5-99.9

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Average Salar
Rank 10 CEORank 50 CEORank 100 C Top 100 CEOSalary+Bonus rank 10
34,363
1,690,679 1,215,869 1,020,620 1,325,918 1,553,117
35,070
1,636,426 1,194,378 1,058,364 1,267,061 1,423,903
36,202
2,059,330 1,375,632 1,177,937 1,557,677 1,717,481
36,151
2,082,599 1,477,598 1,217,758 1,610,233 1,718,047
34,978
1,844,770 1,408,035 1,240,329 1,490,491 1,663,088
34,620
2,046,372 1,399,475 1,200,922 1,555,114 1,649,267
35,045
2,149,099 1,513,450 1,295,513 1,655,109 1,967,485
35,136
2,322,044 1,651,294 1,364,236 1,804,771 1,952,563
35,040
3,478,739 2,028,604 1,621,827 2,430,099 1,981,059
34,135
6,134,815 2,819,404 2,024,370 3,569,347 2,249,828
33,023
6,203,869 2,389,964 1,814,951 3,337,167 2,105,594
32,693
4,987,586 2,631,231 1,960,154 3,620,787 2,113,705
32,997
4,544,682 2,413,358 1,870,709 4,500,056 2,043,857
33,579
6,432,674 2,428,468 1,753,894 3,298,497 2,457,873
33,732
7,329,989 2,633,489 1,835,814 4,044,761 2,487,553
34,091
5,741,861 3,161,465 2,274,654 3,836,978 2,905,346
34,822
6,932,359 3,776,431 2,609,256 4,927,897 4,696,976
35,076
13,066,024 4,732,396 2,967,414 7,519,370 4,548,923
35,362
13,476,349 4,671,277 3,042,812 6,754,197 5,389,374
34,792
13,335,838 4,617,160 2,989,618 6,936,860 5,527,528
34,631
11,627,995 5,554,220 3,416,663 7,701,008 4,511,156
34,582
12,617,176 5,689,752 3,924,359 8,570,062 4,578,630
35,228
27,835,168 8,039,087 4,933,048 15,017,844 4,101,249
35,122
20,009,176 9,282,902 4,332,498 14,866,720 5,443,059
35,085
14,364,415 6,535,199 4,552,898 8,655,854 5,665,544
35,098
19,642,732 9,500,170 5,773,615 12,056,168 5,817,723
35,233
37,299,037 11,493,097 7,458,929 20,125,822 7,386,459
35,946
47,334,503 13,585,324 9,040,783 23,647,931 9,083,716
37,188
63,700,263 18,925,096 10,564,417 35,315,788 7,724,701
37,993
90,470,480 20,083,762 11,772,812 39,625,866 10,059,971
38,846
84,449,000 27,207,000 13,292,000 40,377,950
38,562
81,672,000 15,269,502 7,831,162 35,498,986
38,593
28,097,603 13,045,658 7,809,782 17,692,617
38,900
30,809,390 13,974,648 8,879,812 18,499,568

08/23/201617:44:01

$1,000,000

$100,000,000
Rank 10 CEO pay
Rank 50 CEO pay
Rank 100 CEO pay

Average Wage Income (2000 dollars)

Top 100 CEOs average

pay

CEO pay (2000 dollars)

Salary+Bonus rank 10
Average Salary (right
scale)

$10,000,000

$100,000

$1,000,000

$10,000

FIGURE 11
CEO Pay versus Average Wage Income, 1970-2003
Source: Table B4. Logarithmic scales.
The average wage income (right scale) is estimated as the total wages and salaries from National Income and
Products Accounts divided by the total number of full-time equivalent employees.
CEO pay includes salary, bonus, and profits from exercised stock-options
All estimates are expressed in 2000 dollars using the official CPI.

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

France United St United Kingdom

0.08 0.08617
0.1164
0.08603
0.108
0.07902 0.09219
0.0985
0.09391 0.09867
0.08889 0.08358
0.0785
0.07672 0.06741
0.073
0.08256 0.06454
0.0741
0.07628 0.05371
0.0745
0.07235 0.05602
0.075
0.07257 0.06169
0.0864
0.07608 0.05504
0.0899
0.07053 0.0614
0.0878
0.07069 0.06752
0.0851
0.06982 0.07068
0.0848
0.06867 0.07473
0.0826
0.06772 0.08192
0.0842
0.06253 0.07622
0.0818
0.0579 0.06402
0.0764
0.05373 0.05675
0.0703
0.05216 0.05896
0.0668
0.05201 0.06054
0.0648
0.05311 0.05824
0.0661
0.05309 0.05797
0.0662
0.05168 0.06687
0.0669
0.05237 0.06161
0.068
0.05053 0.05156
0.0636
0.04988 0.05451
0.0613
0.04898 0.05573
0.0533
0.04273 0.05289
0.0433
0.03644 0.04477
0.0391
0.03012 0.03783
0.037
0.02324 0.03327
0.0364
0.01959 0.03319
0.0366
0.02615 0.03432
0.0408
0.02587 0.03236
0.039
0.02433 0.03437
0.0376
0.0261 0.03337
0.0352
0.02603 0.03532
0.034
0.02551 0.03117
0.0314
0.02526 0.02756
0.0287
0.02479 0.02506
0.0267
0.0245 0.02566
0.0267
0.02482 0.02487
0.0256
0.02456 0.02383
0.0235
0.02443 0.02359
0.0225
0.02341 0.02293
0.0225
0.02375 0.02191
0.0229
0.02454 0.02096
0.0234
0.0248 0.02053
0.02338 0.01984
0.0223
0.02289 0.01964
0.0215
0.02304 0.01969
0.0221
0.02302 0.02037
0.0225
0.02263 0.02154
0.0192
0.02291 0.0216
0.018
0.02153 0.02145
0.0175
0.02095 0.02001
0.0174
0.02016 0.01938
0.0156
0.0207 0.01914
0.0153
0.02114 0.01916
0.0148
0.02257 0.01886
0.0156
0.02088 0.02107
0.0148
0.02076 0.02038
0.0134
0.02082 0.02019
0.0122
0.01936 0.02042
0.0117
0.01927 0.02079
0.0114 top 0.1% P99.9-100top 0.5% top 0.5% corr
0.01969 0.02158
0.0118
0.34706
0.034
0.034
0.01907 0.02231
0.01889 0.02225
0.0135
0.36 0.0375 0.0375
0.01719 0.0245
0.0139
0.34925 0.0398 0.0398
0.0163 0.02609
0.0136
0.36267 0.0375 0.0375
0.01648 0.0283
0.0144
0.36456 0.0395 0.0395
0.01704 0.02911
0.0164
0.37615 0.0436 0.0436
0.01805 0.02868
0.0171
0.37832 0.0452 0.0452
0.01977 0.03726 0.01802 0.01802 0.38422 0.0469 0.0469
0.02063 0.05213 0.021145 0.02115 0.39013 0.0542 0.0542
0.02195 0.0474 0.022495 0.02249 0.39604 0.0568 0.0568
0.02198 0.04898 0.023925 0.02199 0.40194 0.0547 0.05952
0.02073 0.04357 0.025697 0.02361 0.40785 0.0579 0.06301
0.01972 0.05214 0.023098 0.02123 0.41375 0.0513 0.05582
0.01939 0.04716 0.024158 0.0222 0.41966 0.0529 0.05757
0.01978 0.04705 0.024158 0.0222 0.41966 0.0529 0.05757
0.01958 0.04983 0.024961 0.02294 0.42557 0.0539 0.05865
0.01918 0.05325 0.029392 0.02701 0.43147 0.0626 0.06812
0.01995 0.05806 0.031032 0.02852 0.43738 0.0652 0.07095
0.01995
0.062 0.033477 0.03076 0.44328 0.0694 0.07552
0.06635
0.07127
0.06258
0.05783
0.05998
0.06946

Extrapolation Atkinson:
1) Discontinuity 1989-1990 due to switch from family taxation to individual taxation:
I assume that the increase from 1989 to 1990 is the same as the increase from 1988 to 1989
2) Top 0.1% extrapolated from top 0.5%. I assume that the ratio P99.9-100/P99.5-100 grows linearly from 1987 to 1993 (because top 0.1% estimated for 1987 and 1993)
I also assume that the ratio grows at the same annual rate from 1994 to 1998

08/23/201617:44:01

12%
11%
10%

United States

France

United Kingdom

9%
8%
share7%
(in %)
6%
5%
4%
3%
2%
1%
0%

FIGURE 12
Top 0.1% Income Shares in the U.S., France, and the U.K.,1913-2004
Sources: United States: Table A1, column P99.9-100.
France: Computations based on income tax returns by Piketty (2001b), Table A1, col. P99.9-100;
United Kingdom: Computations based on income tax returns by Atkinson (2001), col. Top 0.1% in Tables 1 and 4.
Years 1987-1992 and 1994-1998 are extrapolated from Atkinson top 0.5% series.
Discontinuity from 1989 to 1990 due to switch from family to individual base corrected.
NEED TO UPDATE UK SERIES WITH MOST RECENT ATKINSON ESTIMATES
In all three countries, income is defined before individual taxes and excludes capital gains.
The unit is the family as in the current U.S. tax law.

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Average Inc Price Index

13,995
5.24
13,680
5.30
13,811
5.36
15,021
5.77
15,302
6.77
14,488
7.95
14,185
9.13
12,653
10.57
11,167
9.44
12,603
8.85
14,018
9.01
13,849
9.02
13,991
9.25
14,138
9.34
14,244
9.16
14,535
9.04
15,154
9.04
13,730
8.82
12,458
8.04
10,478
7.21
10,205
6.85
11,208
7.08
12,135
7.26
13,319
7.33
13,968
7.59
12,848
7.45
13,689
7.34
14,333
7.42
16,752
7.79
19,462
8.62
22,506
9.15
22,246
9.30
21,770
9.52
21,917
10.33
21,158
11.81
21,531
12.73
21,269
12.61
22,957
12.73
23,653
13.74
24,405
14.04
25,481
14.15
25,171
14.22
26,909
14.17
28,306
14.38
28,425
14.90
27,562
15.30
29,188
15.42
29,552
15.67
29,901
15.83
30,963
16.00
31,779
16.19
33,313
16.40
34,649
16.68
36,168
17.17
37,113
17.66
38,326
18.40
38,908
19.40
39,056
20.54
38,943
21.45
40,561
22.13
41,412
23.51
40,185
26.09
38,075
28.47
38,977
30.12
39,364
32.07
40,097
34.51
39,438
38.41
37,570
43.60
36,982
48.09
36,185
51.07
36,198
52.70
37,342
54.97
37,942
56.95
38,416
58.03
39,412
60.12
41,195
62.58
40,877
65.59
40,429
69.13
39,041
72.03
39,190
74.19
38,415
76.42
38,915
78.41
39,879
80.60
40,670
83.02
42,223
84.93
44,187
86.29
45,873
88.19
46,598
91.16
45,487
93.75
43,768
95.24
43,148
97.41
44,512
100.00

08/23/201617:44:01

Consumer Price Index (base 100 in 2004)

Income in 2004 Dollars

Average Income

Price Index

FIGURE A0
Average Real Income and Consumer Price Index in the United States, 1913-2004
Source: Table A0, columns Average income (in real 2004 dollars) and CPI (base 100 in 2004)

1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

P0-99 AveragP99-100 Average

12,609 269,305
12,187 230,123
11,934 225,073
10,823 182,950
9,439 172,792
10,550 205,336
11,917 210,145
11,590 225,966
11,529 246,288
11,591 254,639
11,583 266,054
11,687 284,874
12,363 279,108
11,475 225,490
10,555 190,237
8,856 162,180
8,595 160,935
9,429 177,851
10,239 189,657
10,970 234,919
11,670 229,777
10,955 189,242
11,582 210,712
12,077 225,508
14,238 251,412
16,950 251,168
19,921 258,468
19,902 234,443
19,360 241,022
19,339 257,795
18,841 231,763
19,105 242,657
18,941 232,812
20,349 260,792
21,166 248,795
22,023 238,151
23,167 231,392
22,808 236,370
24,438 247,036
25,734 257,214
25,872 255,308
25,127 243,468
26,634 255,328
27,082 246,953
27,408 249,307
28,402 256,181
29,185 259,445
30,641 267,198
31,855 279,448
33,141 302,657
33,986 312,689
35,125 320,098
35,789 311,945
36,008 304,786
35,911 303,210
37,416 314,518
38,206 320,611
36,920 326,445
35,027 304,827
35,902 307,496
36,255 310,946
36,908 318,877
36,270 316,779
34,498 307,199
34,014 296,821
33,149 303,587
33,087 311,045
34,024 331,835
34,491 345,066
34,909 350,713
35,177 423,536
35,772 542,356
35,722 515,522
35,181 524,841
34,291 475,028
33,908 528,278
33,490 492,531
33,913 500,136
34,484 539,484
34,933 573,736
35,986 623,674
37,429 675,796
38,592 728,147
38,912 768,593
38,496 699,188
37,360 640,759
36,731 641,739
37,295 721,722

08/23/201617:44:02

Average Income of P0-99 (2004 dollars)

P0-99 Average

Average Income of P99-100 (2004 dollars)

P99-100 Average

FIGURE A1
Average Real Income of bottom 99% and top 1% in the United States, 1917-2004
Source: Table A4, columns P0-90, P90-95, P95-99 and P99-100
Important points to keep in mind when interpreting this figure (in particular the fact that average real incomes for
bottom 99% have stagnated from 1973 to 2002):
1) Income is defined as market income (excluding realized capital gains) and excludes all transfers such as Social Security benefits,
unemployment insurance, welfare assistance, etc. The importance of transfers has grown overtime. They represent in 2000 about 15% of personal
income and around 10% in 1973, and only 1-2% before 1930.
2) The unit is the tax unit (such as couple and dependents, or a head of household with dependents, or a single person). The number of individuals
per tax unit has declined overtime from 2.5 in the 1973 to 2.1 in 2000 but the number of adults (aged 20+) per tax unit has only declined from 1.6 to 1.5
from 1973 to 2000.
A tax unit is smaller than a household (a household is defined as all individuals living in the same unit such as two roommates, etc.)
In 2000, there were 134.5 million tax units but only 104.7 million households in the United States.
There were 1.22 tax units per household in 1973 and about 1.26 tax units per household in 2000.
Therefore, average household income is about 25% higher than average tax unit income.
3) All nominal incomes are deflated using the official Consumer Price Index (CPI-U). It has been recognized that the CPI-U overstates
inflation and new CPI series (CPI-U-RS) have been created for the period 1967-2002 displaying 15% less inflation (and hence 15% more real
income growth) for the period 1967 to 2002 and about 13% more real growth from 1973 to 2000.
In sum, from 1973 to 2000, the average income of the bottom 99% would have grown by about 40% in real terms instead of stagnating (as displayed on
the figure above) if we had included all transfers (+7% effect), used the CPI-U-RS (+13% effect), and especially defined income per capita (+20% effect).
Under those assumptions, the average income of the top 1% would have grown by a factor 3.3 instead of a mere 2.5 (as in figure above).
The finding that top 1% incomes have done so much better than the bottom 99% since 1973 is therefore largely independent of those assumptions.

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

K gains fuK gains inK gains fully included

0.1796 0.1796
0.1796
0.18158 0.18158 0.181579
0.17578 0.17578 0.175777
0.18573 0.18889 0.193108
0.17599 0.17719 0.177371
0.15883 0.15987 0.159615
0.15867 0.16154 0.164108
0.14459 0.14678 0.148298
0.15473 0.15617 0.156379
0.16292 0.16649 0.170576
0.14991 0.15285 0.156425
0.16316 0.16805 0.174231
0.17603 0.18619 0.202445
0.18011 0.18701 0.199091
0.18679 0.19495 0.21025
0.19599 0.21091 0.239402
0.18418 0.19756 0.223529
0.16423 0.16715 0.172233
0.15271 0.15395 0.154985
0.15478 0.15563 0.155559
0.15771 0.16092 0.164601
0.15868 0.16001 0.16397
0.15628 0.15968 0.166763
0.17637 0.18164 0.192882
0.1645 0.16668 0.171493
0.14729 0.15022 0.157549
0.15393 0.15639 0.161755
0.15734 0.15953 0.164781
0.15008 0.15229 0.157856
0.12905 0.13059 0.134287
0.11485 0.11782 0.123095
0.10539 0.10806 0.112809
0.11071 0.11611 0.125158
0.11762 0.12235 0.132771
0.10954 0.11254 0.119551
0.1127 0.11574 0.122426
0.10946 0.11193 0.11727
0.1136 0.11914 0.128195
0.10518 0.10979 0.117871
0.09758 0.10133 0.107909
0.09081 0.09374 0.099019
0.0939 0.09915 0.107736
0.09181 0.09924 0.110575
0.09087 0.09683 0.106721
0.08982 0.09418 0.10161
0.08834 0.0935 0.102057
0.08748 0.09493 0.106474
0.08357 0.09011 0.100346
0.08338 0.09244 0.106407
0.08274 0.08918 0.099499
0.08164 0.08861 0.099165
0.08021 0.09104 0.104791
0.08065 0.09304 0.108919
0.08368 0.09421 0.101753
0.08425 0.09832 0.107375
0.08352 0.10071 0.112128
0.08017
0.094 0.103515
0.07804 0.08438 0.090253
0.07786 0.08653 0.093991
0.07754 0.08701 0.096377
0.07742 0.08341 0.091625
0.08124 0.08529 0.091224
0.08006 0.08366 0.088727
0.07889 0.08326 0.088609
0.07899 0.08364 0.090251
0.07953 0.0836 0.089505
0.08032 0.08996 0.099577
0.08177 0.09153 0.10021
0.08026 0.08931 0.10017
0.0839 0.09757 0.107958
0.08593 0.10282 0.115552
0.08886 0.10629 0.119893
0.09095 0.11093 0.12669
0.09129 0.13143 0.159171
0.10746 0.1175 0.126622
0.13165 0.14653 0.154933
0.12611 0.13813 0.144864
0.12982 0.1381 0.143296
0.12167 0.12717 0.133607
0.1348 0.14224 0.146708
0.12821 0.13684 0.142369
0.12852 0.13645 0.142319
0.13528 0.14617 0.15234
0.14107 0.15836 0.16687
0.14771 0.16985 0.18015
0.15294 0.17694 0.19088
0.15873 0.18366 0.20044
0.16494 0.19295 0.21521
0.15371 0.1676
0.1822
0.1464 0.1581 0.16865
0.14873 0.16252 0.17528
0.16214 0.17914
0.1947

08/23/201617:44:02

25%

20%

15%
share
(in %)

10%

5%

K gains fully included

K gains in shares only
K gains fully excluded

0%

FIGURE A2
Top 1% Income Shares in the United States, the role of capital gains
Sources: Table A1, A2, and A3, column P99-100.
The series K gains fully included are based on income including capital gains (both in ranking and for estimating top shares)
The series K gains in shares only are based on ranking by income excluding capital gains but include capital gains in shares
The series K gains fully excluded are based on income excluding capital gains (both in ranking and for estimating top shares)