美联储-前1%人群的收入流动性.pdfVIP

IncomeMobilityoftheTopOnePercent

DavidSplinterandJeffLarrimore

February2026

Abstract

CirculationintoandoutofthetoponepercentispronouncedintheU.S.Onethirdexitafterayear

andtwo-thirdsexitafteradecade.Thismobilitylowerstopincomeshareswhenshiftingfrom

annualtomulti-yearincomemeasures.Intragenerationalmobilityovertwodecadeslowersrecent

toponepercentfiscalincomesharesbyover10percent.Two-decademobilityreducestop0.1%

sharesbyover20percent,top0.01%sharesby30percent,andtop0.001%sharesby40percent.

Effectsofvariabilityonwealthinequalityaresimilarinmagnitude,althoughmoremodestasa

shareoftopwealthinequality.

JEL:D31,D63,H20

Keywords:Toponepercent,incomeinequality,incomemobility,capitalization,income

volatility,wealthinequality,wealthmobility.

Acknowledgements:WethankJerryAutenforhelpwiththe1973centeredpanel.Forhelpfulcomments,

wethankJasonDeBacker,GeoffreyGee,AngelaGu,BradleyHeim,StephenJenkins,RobertMoffitt,

RachelMoore,JohnSabelhaus,NatashaSarin,andparticipantsoftheannualconferencesoftheNational

TaxAssociation,SouthernEconomicAssociation,andAmericanEconomicA