Income Mobility of the Top One Percent

March 2026

Income Mobility of the Top One Percent

David Splinter and Jeff Larrimore

Abstract:

Circulation into and out of the top one percent is pronounced in the U.S. One third exit after a year and two-thirds exit after a decade. This mobility lowers top income shares when shifting from annual to multi-year income measures. Intragenerational mobility over two decades lowers recent top one percent fiscal income shares by over 10 percent. Two-decade mobility reduces top 0.1% shares by over 20 percent, top 0.01% shares by 30 percent, and top 0.001% shares by 40 percent. Effects of variability on wealth inequality are similar in magnitude, although more modest as a share of top wealth inequality.

Keywords: Top one percent, income inequality, income mobility, capitalization, income volatility, wealth inequality, wealth mobility

DOI: https://doi.org/10.17016/FEDS.2026.015

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