Capital in the 21st century

Question 1

USA: Income share of top 1 %

Answer 1

1900: ~20 %
1980: ~8 %
2010: almost 20 %

Question 2

Nordic: Income share of top 1 %

Answer 2

1900: ~20 %
1980: ~5 % (very low)
2010: ~8% (normal)

Question 3

Income distribution in the 20th century (key points)

Answer 3

• Changes in income share of the top 10 % was driven by changes in income share of the top 1 % (which was again driven by changes in capital income)
• Since 1980, the income share of the top 1 % has risen dramatically in the USA, moderately in France.
• The rise in the USA is driven by labour income, the rise in France (and the Nordic countries) by capital income.