The Corner

The Top 1 Percent in Other Countries

Last week, economist Greg Mankiw posted an interesting chart (which he got from Paul Krugman) about the trend in the reported income of the top 1 percent of earners in the United Kingdom:

Mankiw writes:

The broad pattern is very similar to what U.S. data shows.  The figure suggests that the explanation of growing inequality over the past several decades cannot be U.S.-specific but must have broader applicability.

You can generate more plots like this here.  You find a similar U-shaped pattern in Australia, Canada, Ireland, and New Zealand but much less so in France, Germany, Japan, and Sweden.

I also found this video about income inequality by Prof. Steve Horwitz informative.

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