A Century of Wealth in America

By: Edward N. Wolff

Narrated by: Sean Runnette

Understanding wealth in the United States - who has it, how they acquired it, and how they preserve it - is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world's great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900.

A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously - by 44 percent - between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled.

The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal.

©2017 The President and Fellows of Harvard College (P)2017 Tantor

Critic reviews

"Edward Wolff is probably the most knowledgeable scholar of the empirics of household wealth in the US. The book is comprehensive and engaging. The historical perspective is particularly illuminating." (Philippe Van Kerm, Luxembourg Institute of Socio-Economic Research and University of Luxembourg)

Detailed Statistically Reasoned Analysis

Would be surprised if you could get this information as up-to-date and well presented anywhere else. Very detailed examination of the effects of various circumstances (job type, marriage status, etc.) and birthed traits (sex, race, etc.) on wealth and to a lesser degree income. The analysis is extensive and heavy with statistics (would estimate 95% or sentences use at least one). Am a highly audio and numbers based person, so this was great for me, and think many would prefer the physical book. Regardless, Wolff is discerning in his treatment of the data and makes deliberate and clear adjustments that truly drive at understanding fundamental economic drivers of the American family’s wealth status. Enjoyable and informative. Have given it 4/5 on the story because it is soooo academic.

The technical detail

I thought it required much more enthusiasm for technical economic discourse than those readers looking for a greater overview and contextualization.