Sunday, June 17, 2012

Magic Act: Making the Super Rich Disappear

Pay no attention to the Forbes 400 members behind the curtain.--SS     

Magic Act: Making the Super Rich Disappear:

The resulting data from all these interviews paint the most statistically comprehensive portrait of personal wealth in America available anywhere. But this portrait has one gaping hole. For confidentiality reasons, the Federal Reserve excludes from the Survey of Consumer Finances interview process any family that appears on the annual Forbes 400 list of America’s richest.
That exclusion means that the new Federal Reserve numbers for 2010 understate — by $1.37 trillion, the total wealth of that year’s Forbes 400 — America’s actual level of wealth concentration.

Go read the whole thing.

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