It turns out Wall Street is not the top 1% of American earners. A CNN Money report says the finance sector only makes up 14% of the top 1%. Executives in other industries make up more than 30% of America’s richest group. Medical professionals make up almost 16% and lawyers are 8% of the top 1%.
Super Hot Feature: 5 Wall Street Crisis Films You Must Watch Now.
Even the rich are feeling the weak economy. In 2007, you had to make $424,000 to make it in the top 1 percent of earners. Today it is only $343.927. This is mostly due to the stock market crash. Many of bankers, traders and hedge fund managers will still take home large salaries, but for most, it will be a smaller one than the previous year. Walls Street Journal also reports that bonuses on Wall Street might also fall as much as 40% from a year ago. Don’t think anyone will be feeling sorry for them though. “Everyone is above average,” Michelle Leder of footnoted.com tells Daniel Gross in an interview, referring to the huge sums of money still made on Wall Street.
According to New York’s Comptroller’s office the average salary financial services employee in 2009 was $311,000. Meanwhile, Leder says, “even if the rank and file may earn less this year she’s not expecting the top earners of CEO’s of the major banks to take a big hit.”
Don’t Miss: What is Larry Summers Smoking?