Americans are horribly misinformed about wealth distribution

Good article from Slate how horribly misinformed Americans are about wealth distribution in the country.

People know we're living in a time of growing income inequality, Krugman told me, but "the ordinary person is not really aware of how big it is." ... The richest 1 percent account for 35 percent of the nation's net worth; subtract housing, and their share rises to 43 percent. The richest 20 percent (or "top quintile") account for 85 percent; subtract housing and their share rises to 93 percent. But when Norton and Ariely surveyed a group whose incomes, voting patterns, and geographic distribution approximated that of the U.S. population, the respondents guessed that the top quintile accounted for only 59 percent of the nation's wealth.

-Matt


Link: Theoretical Egalitarians | Slate