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Wealth Holdings And Poverty Status In The U.S

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  • Edward N. Wolff

Abstract

Families below the poverty line are better off in terms of wealth than income. In 1962, the ratio of mean income between families below and above the poverty line is 0.19 and the ratio of mean wealth is 0.29. The corresponding ratios for 1983 are 0.16 and 0.19. On average, the elderly poor are better off in terms of wealth than the younger poor, particularly relative to their own income. However, the poor have become worse off in terms of wealth between 1962 and 1983, when their real income grew by 6 percent and their real wealth declined by 11 percent. The inclusion of pension and social security wealth in the household portfolio narrows the wealth gap between the poor and non‐poor, particularly for families under 65 years of age. Alternative poverty rates are also calculated based on the inclusion of annuity flows from wealth in household income. The reduction in the poverty rate between 1962 and 1983, from 21 to 15 percent on the basis of the official rate, is considerably lower with these alternative definitions.

Suggested Citation

  • Edward N. Wolff, 1990. "Wealth Holdings And Poverty Status In The U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 36(2), pages 143-165, June.
    • Handle: RePEc:bla:revinw:v:36:y:1990:i:2:p:143-165
    DOI: 10.1111/j.1475-4991.1990.tb00277.x
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    Cited by:

    1. Soyoon Weon & David W. Rothwell, 2020. "Dynamics of Asset Poverty in South Korea," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 150(2), pages 639-657, July.
    2. Masood, Sarwar Awan & Muhammad, Waqas & Amir, Aslam, 2012. "Multidimensional Measurement of Poverty in Pakistan," MPRA Paper 41532, University Library of Munich, Germany.
    3. Masood Sarwar Awan & Muhammad Waqas & Muhammad Amir Aslam, 2015. "Multidimensional measurement of poverty in Pakistan: provincial analysis," Nóesis. Revista de Ciencias Sociales y Humanidades, Nóesis. Revista de Ciencias Sociales y Humanidades, vol. 24, pages 54-71, 48.
    4. Hisham S. El-Osta, 2020. "Life-Cycle and Its Impact on the Disparity in Economic Well-Being among U.S. Sole Proprietor Households: Evidence from Two National Surveys," Applied Economics and Finance, Redfame publishing, vol. 7(1), pages 1-14, January.

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