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Showing posts from February 1, 2015

Getting Rich: You Have a One in Nine Chance of Making It to the Top 1%. If You're White, That Is.

The bad news? Research out of Washington University in St. Louis shows you'll only stay in the top 1% of earners for a year or so.

According to new research, there's a 1 in 9 chance that the typical American (you) will hit the jackpot and join the wealthiest 1 percent for at least one year in her or his working life.
Only an elite few get to stay in that economic stratosphere -- and nonwhite workers remain among those who face far longer odds. This, according to Mark Rank, PhD, the Herbert S. Hadley Professor of Social Welfare at the Brown School and co-author of the influential book 'Chasing the American Dream: Understanding What Shapes Our Fortunes.'

According to the authors, "Education, marriage and race are among the strongest predictors of top-level income, and in particular the race effect suggests persistent patterns of social inequality."

Relying on data collected regularly since 1968 as part of the University of Michigan's Panel Study of Income D…