From: jim@netlink.cts.com (Jim Bowery)
Newsgroups: sci.econ
Subject: Re: distribution of wealth
Date: 7 Apr 92 13:59:29 GMT
Article-I.D.: netlink.u26uiB1w164w
Organization: NetLink Online Communications, San Diego CA

dabbott@augean.eleceng.adelaide.edu.AU (Derek Abbott) writes:

> If we added up everybody's bank balances and cash-on-hand, in the world,
> and divided by the world population what would each of us get?
> 
> What does this result mean?
> 
> If we include assets into the calculation, what happens?

I don't know but here's the only data I've been able to find:
APPENDIX I
 
U.S. WEALTH DISTRIBUTION BY PERCENTILE AND ASSET TYPE, 1983
 
Source US Congress Joint Economic Committee "The Concentration 
of Wealth in the United States Trends in the Distribution of 
Wealth among American Families" Washington Joint Economic 
Committee 1983 p. 24.  Some figures are provided to us by the 
Federal Reserve Board  following publication of the Joint 
Economic Committee Report.
 
                        Total           Top     Top     Top
Type of asset           Amount(1)       .5%     1%      10%
Trusts                     495.7        77.0    81.6    95.1
Corporate stock(2)       1,005.0        45.6    58.4    89.8
Bonds                      328.1        41.3    49.6    88.0
Business assets          2,274.6        39.0    51.6    90.9
Money market accounts      285.0        15.9    22.5    58.8
Real estate              5,355.0        14.9    19.3    49.2
Land contracts             111.0        13.9    15.2    50.4
IRAs and Keoghs            142.2        13.0    21.1    67.3
Checking accounts          115.9         9.7    17.2    46.3
Insurance cash value       259.0         6.7    10.5    34.9
Certificates of deposite   383.1         4.8    10.7    49.9
Savings accounts           189.5         2.1     5.2    31.1
Automobiles                359.5         1.6     3.0    20.1
Miscellaneous              201.1        15.2    22.1    70.2
Gross assets            11,486.4        24.6    31.6    63.5
Net worth               10,038.9        28.7    34.3    67.92   
 
(1) In billions of dollars
(2) Including stock owned directly or thorough mutual funds but 
excluding holdings of pensions and trusts
 
In 1985, the accuracy of the above table was challenged by the 
Federal Reserve Board whose estimates indicated a more even 
distribution of wealth.  In 1991, independent studies based on 
the 1990 census indicated that the Federal Reserve Board's methods 
were inaccurate and significantly underestimated the skew in wealth 
distribution by percentile.  At present, the Federal Reserve is the 
dominant source of data on wealth distribution in the U.S. with 
only 2 comprehensive independent studies having been  conducted in 
the last 20 years, both indicating wealth is more concentrated than 
typically indicated by the Federal Reserve.  This checkered history 
indicates a serious gap in the credibility of wealth distribution 
estimates.
 
As of 1990, total U.S. net worth is estimated by various sources 
including the Brookings Institute, Federal Reserve and First Boston 
Bank, at between  $20 trillion and $30 trillion dollars.  Depending 
on the impact of  Resolution Trust Corporation liquidations on real 
estate values, this range could be as much as $5 trillion dollars 
too high.

--                    
INTERNET:  jim@netlink.cts.com (Jim Bowery)
UUCP:   ...!nosc!ryptyde!netlink!jim
NetLink Online Communications * Public Access in San Diego, CA (619) 435-6181