Via Marginal Revolution:
…for 2004, nonfinancial executives of publicly traded companies account for less than six percent of the top 0.01% income bracket. In that same year, the top twenty-five hedge fund managers combined appear to have earned more than all of the CEOs from the entire S&P 500. The number of Wall Street investors earning over $100 million a year was nine times higher than the public company executives earning that amount.
My first impression is that this fits nicely with the view that, particularly over the past decade, economic growth was tied to activities that were not job-producing or sustainable (i.e. prone to bubbles). This isn’t to say that people didn’t “earn” their money. Rather, it points to the fact that much of the wealth that was created was done so in a way that did not strengthen the overall economy over the long term.
Food for thought…