Connect with us

Inequality

Visualizing the Shifting Income Distribution of American Jobs

Published

on

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.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Comments

Inequality

The Wealthiest and Poorest County in Every State

This infographic uses the measure of median household income to contrast the wealthiest and poorest counties in every U.S. state.

Published

on

The Wealthiest and Poorest County in Every U.S. State

View the high resolution version of today’s graphic by clicking here.

The average U.S. state is made up of 62 counties.

With so many counties spread throughout each state in the nation, it’s not surprising that we can find counties that exemplify almost any part of the American experience.

In this case, we’re comparing county-level data to look at the differences in economic opportunity within each state. More specifically, we are looking at the range of median household income, which is one proxy for the difference in economic status between counties.

Disparity by State

Today’s infographic comes to us from TitleMax, and it looks at the wealthiest and poorest counties in each individual U.S. state based on the measure of median household income.

Here are the five states with the biggest disparity between rich and poor counties:

1. Virginia: $102,800
Loudoun is about an hour’s drive to D.C., and it also happens to be the richest county in the U.S. in terms of median income. Further west in the state, bordering Kentucky and West Virginia, lies Buchanan County, which has a median household income of just $31,800.

 County NameMedian Income
Differential$102,800
RichestLoudoun$134,600
PoorestBuchanan$31,800

2. New Mexico: $86,500
In Los Alamos, known as the birthplace of the atomic bomb, median household income has exploded to $114,700 – meanwhile, along the Mexico border lies Luna, the poorest county in the state.

 County NameMedian Income
Differential$86,500
RichestLos Alamos$114,700
PoorestLuna$28,200

3. Colorado: $85,200
Just like the Colorado has a difference in elevation, it also holds a large difference in median income. Folks in Douglas County, which lies between Denver and Colorado Springs, take home $112,400 in income on average, while folks in Costilla bring in about $27,200 per year.

 County NameMedian Income
Differential$85,200
RichestDouglas$112,400
PoorestCostilla$27,200

4. Maryland: $80,900
Howard County, which lies between Baltimore and Washington D.C., has the highest median household income in the state. Meanwhile, it’s Somerset County at the south of the Delmarva Peninsula that has the lowest.

 County NameMedian Income
Differential$80,900
RichestHoward$119,400
PoorestSomerset$38,500

5. Tennessee: $79,700
Just to the south of the Music City sits Williamson County – a wealthy part of the state with $107,900 in median income. Hancock County is the poorest, and it’s tucked away in the northeast corner of the state.

 County NameMedian Income
Differential$79,700
RichestWilliamson$107,900
PoorestHancock$28,200

A Note on Cost of Living

While median household income can help point to disparities between counties, it is just one indicator.

It’s worth noting that the cost of living can often be cheaper in counties with lower median incomes, and this can partially offset the difference in some instances. For example, while Trinity County is the poorest county in California by median income, it’s also far away from San Francisco, Los Angeles, or Sacramento, and has a much cheaper cost of living and a different way of life.

In some ways it is comparing apples to oranges. Trinity County is completely rural, holds zero incorporated cities, and holds just 3,600 people in its largest community (Weaverville) – a far cry from the urban sprawl of L.A. or the booming Bay Area.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Economy

Visualizing the Extreme Concentration of Global Wealth

A data-driven snapshot of global wealth distribution. The average person around the world is doing better, but big-picture inequality is still staggering.

Published

on

In recent decades, extreme world poverty has declined significantly and many millions of people have joined the swelling ranks of the middle class – particularly in China.

While these economic shifts are positive, it’s the other end of the global wealth spectrum that attracts the most attention. A high degree of wealth creation is amassed by those at the top of the economic pyramid.

The Top-Heavy Wealth Spectrum

Today, slightly less than 1% of the world’s adult population occupies the $1M+ wealth range. Despite their small numbers, this elite group collectively controls 46% of the world’s wealth, valued at approximately $129 trillion.

Concentration of Global Wealth

On the flip side of the equation, 70% of world’s population fall into the sub-$10K wealth band. This majority of people around the world collectively control a mere 2.7% of the world’s wealth.

Even as “the rich get richer”, there is good news for the majority. The percentage of people in that lowest wealth band has been shrinking over the years.

Moneyed Metropolises

Not only is money concentrated among a small portion of the population, those people tend to gravitate towards global cities such as London, Hong Kong, and New York.

In fact, 70% of ultra high net worth individuals (UHNWIs) – persons with investable assets of $30 million or more – reside in just ten cities around the world.

global wealth concentration map

According to Credit Suisse, emerging markets now account for 22% of growth in the UHNWIs category – up from just 6% growth in 2000 – with China alone adding over 16,000 UHNWIs to the mix. Many members of this elite class may generate their wealth in emerging economies around the world, but as we can see from the map above, the world’s richest people end up very concentrated, geographically speaking.

Global Wealth, by Continent

As the visualization below demonstrates, wealth accumulates in Europe and North America. This trend is so pronounced that it only becomes evident once the scale is adjusted to see the detail in the upper percentiles.

wealth distribution by continent

One thing is for certain – the world is changing quickly, and just as this graph would have looked very different 20 years ago, global wealth will almost certainly look different in 20 years time.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Agrios Global Company Spotlight

Subscribe

Join the 100,000+ subscribers who receive our daily email

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Popular