Download Wealth

Detroit, Michigan
Downtown Detroit
Hecker House in Detroit
Heading into Downtown Detroit
Grand Hotel
Homes of Detroit
• Can the people who live and work in the city
of Detroit be seen as similar?
Three Components
• Sociologists can’t agree on how to define social
classes
• Sociologists do measure the three components of
social class
• Wealth
• Power
• Prestige
Wealth
• What is the difference
between wealth and
income?
• Wealth is property and
income
• Income is money
received from a job,
business, or assets.
United States Wealth
• $1.4 Quadrillion
• National Debt of 16.5 trillion
• 68% of the total U.S. worth is
owned by 10% of U.S. famiies
• 40% of U.S. assets are owned
by 1% of Americans
U.S. Wealth
• Average Income per family
is $30,000/year
• Families with more than
one worker $51,000/year
• The problem is the
difference between the
rich and poor
• See Page 262
High Paid CEO’s
• According to the Wall Street
Journal, of the top 350 US
companies
• Median income $3,022,000
• 85 times higher than the
average American worker
• An average worker would have
to work 3,671 years to match
the top CEO’s of the US