The “Rich Get Richer” Myth

by | Jun 4, 2023

Some 94 percent of Americans who reach “top 1 percent” income status will enjoy it for only a single year. Approximately 99 percent will lose their “top 1 percent” status within a decade.

Now consider the top 400 U.S. income-earners—a far more exclusive club than the top 1 percent. Between 1992 and 2013, 72 percent of the top 400 retained that title for no more than a year. Over 97 percent retained it for no more than a decade.

– Chelsea Follett, High Turnover Among America’s Rich

About Keith Knight

Keith Knight is Managing Editor at the Libertarian Institute, host of the Don't Tread on Anyone podcast and editor of The Voluntaryist Handbook: A Collection of Essays, Excerpts, and Quotes.

Our Books

latest book lineup.

Related Articles

Related

The F35: The Gift That Keeps on Giving

“Soon after publication ‘Superiority’ was inserted into the Engineering curriculum of MIT, to warn the graduates that the Better is often the enemy of the Good, and the Best can be the enemy of both, as it is always too late.” - Arthur C. Clarke Superiority by Arthur...

read more

Thomas Szasz: Champion of Freedom

Today is the 104th anniversary of the birth of Thomas Szasz (1920-2012), the great if unappreciated libertarian and defender of individual autonomy and dignity. A psychiatrist by profession, for over 50 years, Szasz was the foremost critic of the social-control system...

read more

Iran Attack Liveblog (PHOTOS/VIDEOS)

My live coverage of Iran's missile and drone attack on Israel Saturday night, as it happened. Obviously much of this information has either been confirmed, disproven or become obsolete by now, but the thread is full of interesting details that didn't make it into my...

read more