A few days ago, the New York Times had a story about who really makes up the 1%. It’s a wide variety of people, making a wide variety of incomes depending on where exactly they live (unsurprisingly, the top 1% in Connecticut looks a bit different than the top 1% in Alabama). Of course, not all of them, nor even a majority, are the kinds of investment bankers and hedge fund managers that many people are upset at for ruining the economy. The NYT story about the top 1% is about the top 1% by income; the top 1% by wealth is a different group, arguably more removed from the middle class than the top 1% in income earners. That certainly makes sense: a surgeon that is in the top 1% in income may only be one generation removed from a middle-class upbringing, while a top 1% wealth-accumulator has probably only known luxury.

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