Think you know how wealth is distributed in America? Think again.
A YouTube video that's gone viral recently shows that our perceptions of who has money and how much they have is quite skewed. The poor and middle class have a lot less than most people think, while the rich have a lot more. And the Top 1% are off the charts.
The video, which has been viewed more than 3.8 million times, draws heavily on the wealth inequality work of Michael Norton and Dan Ariely, professors at the business schools of Harvard and Duke business, respectively. The duo asked Americans how they thought wealth was distributed and found that the estimated and ideal divisions of the wealth pie bear little resemblance to reality.
The piece also features a CNNMoney story on an AFL-CIO report that showed CEOs earned 380 times the average worker.
Check out the video for yourself:
Sure, the wealthy earn more money...but they work a lot harder for it.
So says a new study that found that while the income gap between the rich and poor has grown since the 1980s, the leisure divide has widened too.
Highly educated men, who generally have higher incomes, had only 33.2 hours of leisure time a week by 2007, down 1.2 hours from 1985, according to the three National Bureau of Economic MORETami Luhby - May 2, 2012 9:23 AM ET
After two years of declines, Americans' income finally rose in 2010. The Internal Revenue Service provided a first peek at taxpayers' returns and it showed that adjusted gross income totaled $8 trillion, up 5.2% from 2009.
But a closer look at the data reveals that only the wealthiest Americans will be popping the Cristal.
Taxpayers earning more than $250,000 saw their total adjusted gross incomes rise by 13.8%, while those bringing home MORETami Luhby - Mar 5, 2012 12:09 PM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.67%||3.62%|
|15 yr fixed||2.80%||2.76%|
|30 yr refi||3.65%||3.61%|
|15 yr refi||2.80%||2.76%|
Today's featured rates:
|Apple set for showdown on Capitol Hill over corporate taxes|
|Make $30 an hour, no bachelor's degree required|
|Stocks: Focus on Apple, Carnival and JPMorgan|
|Best Buy's sales spook investors|
|Carnival flounders after profit warning|
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|