The 1% Who Don’t Think They’re the 1% – The Wealth Report – WSJ

According to a new study from HNW Inc, half of the top 1% of earners don’t think they’re in the top 1%. (Note to one-percenters: if your household income is more than $340,000, you’re a one-percenter).

Some of the one percenters even side with the Occupiers when it comes to anger at Wall Street.  More than two thirds of the one-percenters believe the wealth gap is a problem, and many of them don’t like Wall Street.

More than half support prosecution of executives responsible for the financial crisis and support more regulation of financial instutions.

Yet the one-percenters don’t fit neatly into the binary “left” or “right” dogmas. Only 37% of them believe the top 1% should be taxed more, and 44% say they already pay too much in taxes. Nearly 90% of them say they have worked hard to get where they are.

And here’s the kicker: 70% of them feel the wealthy are being unjustly demonized.

The survey proves one of the enduring paradoxes of the American rich: They like to think of themselves as middle class, even if their bank accounts say otherwise.  “The rich” are always someone else, even to the rich.

via The 1% Who Don’t Think They’re the 1% – The Wealth Report – WSJ.

Two points: self perception disagree with self reality; there is no one to one correspondence between thoughts and financial positions

This entry was posted in Human Economics, Teaching cases. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s