This is from the latest Census release of CPS ASEC data, updated through 2024 (see Table F-23 at this link). In 1967, only 5 percent of US families earned over $150,000 (inflation adjusted).
Addendum: Several comments have asked how much of these trends can be explained by the rise of dual-income households. The answer is some, but not all of it, which I have written about before. Dual-income households were already the most common family structure by the 1980s. There hasn’t been an increase in total hours worked by married households since Boomers were in their 30s. You can explain some of the increase up until the Boomers by rising dual-income households, but this doesn’t explain the continued progress since the 1980s. And as Scott Winship and I have documented, even if you look just at male earnings, there has been progress since the 1980s.
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Now do inflation-adjusted disparities between those groups and the inflation-adjusted top 10%
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I am fascinated…and bewildered. This does not seem to fit the prevailing narrative (heard from all sides) that things are awful and steadily getting worse. ???
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The key point this author misses is household income used to be 1 earner, it now includes 2 earners.
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How does this track with the increase in two income families?
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Would cutting it at $75k, instead of $50k, produce ~33% terciles?
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Yes, pretty close: 34.8% under $75K, 31.4% in the new middle group, and 33.8% over $150K.
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could it be that a substantial portion of families faced decline even if more gained? it’s hard to fully grasp this graph without looking at time cohorts or tracking families over time. maybe yhe aggregate result masks the hard times a significant number of families experienced?
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Here’s the original analysis and chart, I’ve done this every year since 2014:
https://x.com/Mark_J_Perry/status/1988411870223757556
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Having more money doesn’t equal having more purchasing power. But there is an element of keeping up with the Jones and the imperative of Veblen goods gripping society. For instance, people used to be happy with a family house of 1200 Sq ft. Now they expect a house with about 2000 Sq ft. And family sizes have shrunk! Veblen goods.
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