Is Cash the New Black?

Every year, American Express publishes an in depth “Survey of Affluence and Wealth in America.” The 2012 version is notable for the attitudinal differences between the top 1%, 10% and everyone else (aka the 90 or 99%).

A few quick bullet points:

• Incomes up 6% for top 1% in 2011. Slightly lower among everyone else;
• Investing dollars down from 71% to 39% of portfolio;
• In ‘2007 savings was only 12% among the top 1%, now at 34%;
• Even after recession ended, savings has stayed high, unlike 1981 recession when consumers spent aggressively. (back then, passive income tax rates dropped from 70% to 20%);
• Almost $6 trillion in personal savings account by year’s end. Another $3-4 trillion in cash among business. Getting 0.3% interest and not complaining

Here is how this looks graphically:

 

Click to enlarge:

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No judgement here — I simply find the differences between the top 1% and the rest of the country intriguing.

 
Previously:
Invest in stocks? FORGET ABOUT IT (May 8, 2012)

Source:
American Express Publishing and Harrison Group
The 2012 Survey of Affluence and Wealth in America
Press Webinar, May 9, 2012

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