May 2nd, 2022 update: 2022 Q1 data added. New daily wealth projection available. Click to hide

COVID-19

Factor Income During the Pandemic

Factor income (defined as labor income from work and capital income from ownership) fell significantly during the COVID-19 pandemic. This fall was much more dramatic for those in the Bottom 50% than for other income groups. However, as shown in the graph below, factor income recovered quickly for every group. All income figures are adjusted for price inflation.

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Y-axis

Real Income Growth

Factor income type

Factor Income

Tax unit

Individual Adults

Data frequency

Monthly

Real Factor Income Growth for Individual Adults

Top 10%

Middle 40%

Bottom 50%

Total

Factor income growth per unit

From Jan 2019 to Dec 2021
Group
Growth (%)
Gain ($)
Mutually Exclusive Groups (Click to expand)
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Disposable Income During the Pandemic

Thanks to government transfers to help with COVID losses (including checks to families, extra unemployment benefits, the Paycheck Protection Program, etc.), disposable income (defined as income after taxes and cash transfers) increased by a sizable amount, especially for the Bottom 50%.

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Y-axis

Real Income Growth

Disposable income type

Disposable Income

Tax unit

Individual Adults

Data frequency

Monthly

Real Disposable Income Growth for Individual Adults

Top 10%

Middle 40%

Bottom 50%

Total

Disposable income growth per unit

From Jan 2019 to Dec 2021
Group
Growth (%)
Gain ($)
Mutually Exclusive Groups (Click to expand)
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Wealth During the Pandemic

After a very short dip in early 2020, wealth per adult (defined as the value of all assets owned minus debts) boomed during the pandemic. As shown in the graph below, this wealth growth was higher for the rich than for the middle class.

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Y-axis

Real Wealth Growth

Wealth type

Wealth

Tax unit

Individual Adults

Data frequency

Quarterly

Real Wealth Growth for Individual Adults

Top 0.01%

Top 0.1%

Top 1%

Top 10%

Middle 40%

Wealth growth per unit

From Q1 2019 to Q4 2021
Group
Growth (%)
Gain ($)
Mutually Exclusive Groups (Click to expand)
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