In my last Substack I discussed the concept of homoploutia. In brief, for those who do not feel like (re)reading my entire post, it is based on the empirical observation that in modern capitalist societies an increasing share of the rich are rich in two dimensions: they are among the best paid workers, and among the richest capitalists. I operationalize this idea by looking at the top after-tax income decile, top labor (wage) decile, and top capital (rents, dividends and interests) decile in some two-dozen countries.
I operationalize this idea by looking at the top after-tax income decile, top labor (wage) decile, and top capital (rents, dividends and interests) decile in some two-dozen countries. It turns out that almost one-third among the richest income-decile Americans are "homoploutic", i. they are best-paid workers and richest capitalists.
they are best-paid workers and richest capitalists. This makes for an elite of about 3% of Americans.