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Visualizing the Shifting Income Distribution of American Jobs

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When we talk about the money that the “average” American worker makes, we are usually referencing a “median” or “mean” income statistic.

While this number can be useful in many different contexts, it can also be extremely limiting. The reality is that there’s a very wide range of incomes out there, even within a particular type of industry. Some people can barely make ends meet, and others make millions of dollars more.

To view income distribution through a wider lens, data visualization expert Nathan Yau has created an interactive chart that breaks down millions of data points into just 50 dots per industry. The dots are visualized on a scale from $0 to $200k+ and binned in $5,000 increments. Data is also adjusted for inflation.

Income Distribution by Industry in 1960

Here’s a snapshot showing what income distribution looked like 57 years ago for a variety of broad industries:

Income Distribution in 1960

Generally speaking, many of the ranges are on the lower side of things and tend to have data points clustered around the “middle” of each distribution.

Income Distribution by Industry in 2014

Fast forward to 2014, and nearly every income bracket has expanded out.

Income Distribution in 2014
In many of these professions, workers are now making more money – this is good news for the economy.

The downside? There are two problems: (1) Higher inequality, and (2) Many of the new jobs created recently are on the lower end of the income spectrum.

As you can see, top earning lawyers, engineers, or managers are able to climb up towards the tops of their brackets. A lucky few are able to make $200k+, which is far more than the vast majority of the workforce.

However, workers in other industries like food preparation or healthcare support are not so lucky. Unfortunately, in these sectors, making a middle-class income is very difficult – and many people are bringing in less than $25k per year. Yet, it is in these types of sectors that we’ve seen the majority of “new jobs” appear over recent years.

It makes it difficult for society to solve the income inequality problem when this is the case.

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Money

Ranked: The World’s Top 10 Billionaires in 2024

With a $205 billion fortune, Elon Musk is currently the world’s richest billionaire.

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Bar chart showing the world's top 10 billionaires as of June 2024.

The World’s Top 10 Billionaires (June 2024)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Elon Musk has reached a net worth of $205.4 billion in 2024, securing his position as the richest billionaire in the world, ahead of Jeff Bezos at $203.2 billion and Bernard Arnault at $200 billion. Arnault, the billionaire chairman and CEO of the global luxury goods company LVMH, led the ranking at the beginning of the year.

Using data from Forbes’ Real-Time Billionaires List, we provide a snapshot of the top 10 billionaires in the world as of June 11, 2024. It is important to note that the rank changes frequently due to fluctuations in stock prices, market conditions, and significant business transactions.

$1.6T in Combined Wealth

The wealth of the top 10 wealthiest people ($1.6 trillion) is almost equivalent to Mexico’s GDP, the 14th largest economy in the world.

At the top of the list, Elon Musk’s wealth derives primarily from his stake in Tesla, his holdings in SpaceX, and the social media platform X.

RankNameNet Worth (USD in Billions)Source
1Elon Musk$205.40Tesla, SpaceX
3Jeff Bezos$203.20Amazon
2Bernard Arnault & family$200.00LVMH
4Mark Zuckerberg$176.50Facebook
5Larry Ellison$153.70Oracle
6Larry Page$145.10Google
8Sergey Brin$139.00Google
7Warren Buffett$134.00Berkshire Hathaway
9Bill Gates$131.00Microsoft
10Steve Ballmer$126.50Microsoft

Recently, Tesla shareholders voted to approve a pay package worth approximately $50 billion for Musk at the company’s annual shareholder meeting. This decision is being challenged by a Delaware judge, who has described Musk’s award as “unfathomable.”

Meanwhile, Amazon founder Jeff Bezos overtook Bernard Arnault as the second-wealthiest person in June 2024, after LVMH’s shares fell and Amazon’s shares slightly increased.

As a relevant side note, Arnault has also been carefully laying succession plans for LVMH this year, with the 75-year-old recently appointing two more of his sons to the company’s board in April 2024. This leaves just his youngest son without a spot on the board, though he is employed at the company.

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