The Top 1% May Be Richer Than We Thought

Happy bank earnings day! You'll be happy to learn that both Goldman Sachs and JP Morgan have already reported higher than expected second quarter profits. Seems like a good time to let you know that the top 1% is even wealthier than we thought.

And we already thought they were disgustingly wealthy! But here is an update for you to add to your "How Unfair Is Our Current Economic System" file thanks to a new study from the European Central Bank, via Bloomberg:

Incorporating "missed" data on rich households pushes the share of wealth held by top earners up to between 35 percent and 37 percent, wrote Philip Vermeulen, a senior economist at the ECB. That's higher than the 34 percent suggested by the 2010 U.S. Survey of Consumer Finances data from the Federal Reserve.

Most of the "missed" data was change that had fallen in the couch cushions, secret offshore bank accounts, coupon clipped from the Sunday paper, etc.

[Photo: Flickr]