In other words, over the last half-century, the share of US households earning incomes of $100,000 or more (in 2017 dollars) has more than tripled!Īt the same time, the share of middle-income households earning $35,000 to $100,000 (in 2017 dollars) has decreased over time, from more than half of US households in 1967 (53.8 percent) to less than half (only 41.3 percent) in 2017. In 2017, more than 1 in 4 US households (29.2 percent) were in that high-income category, a new record high.
In 1967, only nine percent of US households (only 1 in 11) earned $100,000 or more (in 2017 dollars). Yes, the “middle-class is disappearing” as we hear all the time, but it’s because middle-income households in the US are gradually moving up to higher-income groups, and not down into lower-income groups. Here’s how I explained the income share trends displayed above in a post on Carpe Diem last fall:
The new animated “bar chart race” visualization above is a dynamic version of the second static chart, and both show the percent shares of US households by total money income for three income categories annually from 1967 to 2017: a) low-income households earning $35,000 or less, b) middle-income households earning between $35,000 and $100,000 and c) high-income households earning $100,000 or more (all in constant 2017 dollars).
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