Janet Yellen: 50% Inheritances to Top 5%
on Tuesday, October 21, 2014
Janet Yellen Money Quotation saying wealth willed to top 5% represents half of all inherited money, staying within already rich families. Janet Yellen said:
“Just over half of the total value of inheritances went to the top 5 percent and 40 percent went to households in the next 45%” — Janet Yellen
In this quote, Janet Yellen is providing statistics about the distribution of inheritances among American households. She states that just over half of the total value of all inheritances went to the top 5% highest-earning households. Additionally, she notes that the next 45% of households (those between the 5th and 50th percentiles) received 40% of the total inheritance value.
This quote suggests there is significant inequality in the receipt of intergenerational wealth transfers like inheritances. Yellen’s figures indicate that the top half of households in terms of income receive the vast majority of bequests from deceased family members. The quote sheds light on how concentrated inheritance wealth is among higher-income families in the United States.
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