Estimates
of
Personal
Wealth,
1982:
A
Second
Look
By
Marvin
Schwartz*
According
to
updated
estimates
of
the
personal
wealth
of
individuals
in
1982,
approximately
4.5
million
people had
gross
assets
of
$325,000
or
more
that
year
These
individ-
uals,
the
Nation's
"top
wealth
holders,"
represented
only
2.8
percent
of
the
Nation's
adult
population
[11.
Their
net
worth,
estimated from
estate
tax
returns
using
the
"estate multiplier
technique,"
exceeded
$2.7
trillion
and
accounted
for
ap-
proximately
29.6
percent
of
the personal wealth
in
the
United
States
in
1982
[2].
In
contrast, during
1976,
fewer
than
2
million
people had
gross
assets
of
$300,000
or
more, the
amount
closest
to
the
level
at
which
data
are
available for
1982.
The
net
worth
of
these
top
wealthholders
in
1976
was
approximately
$1.0
trillion.
those
individuals
or
"top
wealthholders"
who
control
a
large
portion
of
the personal
wealth in
the United
States.
(The
mechanics
of
the
estimating
technique
are
discussed
later)
The
updated
estimates
of
personal wealth
in
1982
rep-
resent
the
first
phase of
an
effort
by
the
Internal
Revenue
Service
to
improve
the
accuracy
of
the
data
[4,5].
In
the
past,
wealth
estimates, such
as
the
preliminary
estimates for
1982
published
earlier,
were
made
from
the
Statistics
of
Income
sample
of
estate
tax
returns filed
in
a
given
year
for
deaths
that
had
occurred
over
several years
[6].
Thus,
the
wealth
estimates
generated
from
a
sample selected
on a
filing year
basis
actually
reflected
the
value
of
wealth
held
during
several
years,
unadjusted
for the
rates
of
inflation
applicable
to
those
years.
Just
as
the
total
number
of
top
wealthholders
increased
during
this
period,
so
did
the
millionaires
among
them.
Approximately
475,000 individuals
had
a
net
worth
of
$1
million
or
more
in
1982,
well
over
twice
the
number
in
1976
(180,000).
The
sharp
increase
in
the
number
of
millionaires
between
1976
and
1982,
however,
was
largely
due
to
inflation.
On
the
basis
of
constant
1976
dollars,
only
232,000
individuals-52,000
more
than
in
1976-had
a
net
worth
of
$1
milliGn
or
more
in
1982
[3].
ESTIMATING PERSONAL
WEALTH
FROM
ESTATE
TAX
RETURNS
The
measurement
of
personal
wealth
in
the
United
States
has
attracted
considerable attention
in
recent
years.
This
interest
has
been
stimulated
by
a
number
of
factors,
not the
least
of
which
is
the
public's
fascination
with
the
topic.
Accurate
and
comprehensive
estimates
of
wealth,
however,
are
difficult
to
obtain,
because
individuals
are
not
required
to report
information
on
wealth
regularly
on
any
tax
return
or
other
public
document.
Several
alternative
approaches,
each
with
its
own
merits,
have
been
developed.
The
estimates
presented
here are
based
on
the
"estate
multi-
plier
technique."
This
approach
utilizes
administrative
records,
in
particular,
estate
tax
returns
filed
for the
de-
ceased
to
estimate
the wealth
of
the
living
population.
This
procedure
can
be
used
to estimate
wealth
for
all
individuals
whose
assets
exceed
the
estate
filing require-
ment
in
effect
that
year
Estimates
of
wealth
thus
can
be
provided
for
the
top
2
to
3
percent
of
the
wealthholders-
*Foreign Special
Projects Section.
Prepared
under
the direction
of
Mike
Alexander,
Chief.
The
final
personal
wealth estimates for
1982
presented
here
are
based
on
estate
tax
returns
filed
from
1982
through
1984
for
individuals
who
died
in
1982
[7].
By
sampling
returns filed over
this
3-year period,
the
returns
filed
for
nearly
all
individuals
who
died
in
1982
can
be
captured.
The
advantage
of
a
"year-of-cleath"
sample
is
it
represents
the
wealth
of
a
given
year,
rather
than
a
series
of
years,
and
thus
more accurately
reflects
wealth
at
a
partic-
ular
time.
As
the
level
of
gross
estate
(or gross
assets)
required
for
filing
an
estate
tax
return
has
increased,
the
definition
of
top
wealthholders
also
has
changed.
The
level
of
wealth
to
which the estimates
apply
rose
from
$60,000
or
more
in
1972
to
$120,000
or
more
for
1976
and subsequently
to
$325,000
or
more
for
1982. While
summary
estimates
of
wealth are
provided
for
wealthholders
with
gross assets
of
$325,000
or more,
asset
detail
is
presented
only
for
indi-
viduals
with
gross assets
exceeding
$500,000
because
such
detail
was
not
required
for
the
estates
of
decedents
with smaller
assets.
The gross
estate
criterion
is
a
Federal estate
tax
concept
of
wealth
that
does
not
conform
to
the
usual
definitions
of
wealth,
primarily
because
it
includes
the
face
value
of
life
insurance
in
the wealth
of
the
decedent.
Therefore,
three
measures
of
wealth
are
used
in
this
article:
gross
assets (or
gross
estate), total
assets,
and
net
worth.
Gross
assets
reflect
the gross
value
of
all
assets,
includ-
ing
the
full
face
value
of
life
insurance reduced
by
policy
loans
but
excluding
any
reduction
for
other indebtedness.
This
measure
defines the
individuals included
in
the
top
31
32
Estimates
of
Petsonal
Wealth,
1982:
A
Second
Look
wealthholder
group.
The
amount
of
total
assets,
a
lower
wealth value,
is still
essentially
a
gross measure.
Total
assets
are
obtained
by
using
the
cash
value
of
life
insurance,
i.e.,
the
value
the
insurance
had
immediately
before
the policy-
holder's
death
[8].
Net
worth,
the
level
of
wealth
after
all
debts
have
been
removed,
includes
the
cash
value
of
life
insurance.
PERSONAL
WEALTH
IN
1982
Female
wealthholders
accounted
for
~8.3 percent
of
the
4.5
million
top
wealthholders
in
1982
(see
Figure
A)
com-
pared
with
32.8
percent
in
1976.
But
because
women
held
43.4
percent
of
the
net worth
of
top
wealthholders
in
1982,
they
had
an
average
net worth
nearly
24
percent
higher
than
that
of
their
male
counterparts.
Figure
A.-Top
WealthholdersWith
Gross
Assets
of
$325,000
or More,
by
Sex,
1982
[Number
of
wealthholders
in
thousands;
amounts
in
billions,
except
as
indicated]
Item
Total
Male
Female
Number
of
top
wealthholders
.............
...........
4,479
2,763
1,715
Total
assets
.................................
$3,218 $1,916 $1,302
Net
worth
........
.......... ...............
2,714
1,536 1,178
Average net
worth
(dollars)
........................
605,900
.
555,700
686,700
Composition
of
Assets
In
1982,
real
estate
constituted
the largest
share
of
the
assets held
by
all
individuals
with
gross assets
exceeding
$500,000
(see
Figure
B),
continuing
the
trend
first
observed
the
previous
year
[9].
In
contrast,
estate
multiplier
estimates.
of
wealth
for
1976and
earlier years
showed
corporate
stock
to
be
the
most
commonly-held
asset
[10]. Real
estate
and
corporate
stock
together
accounted
for
more
than
62
percent
of
the
assets
of
these
top
wealthholders
in
1982.
Figure
B.-All
Top
WealthholdersWith
Gross
Assets
Exceeding $500,000,
by
Type
of
Asset
and
Sex,
1982
Type
of
asset
Total
Males
Females
Total
assets
..........................
100.0%
100.0%
100.0%
Real
estate
..............
..................
32.5 32.7 32.2
Corporate
stock
.........................
29.9
29.7 30.3
Cash
...
......................................
8.4
7.4
9.8
Noncorporate
business
assets
..................
..................
7.8 9.2 5.5
Bonds
........................................
7.0 5.5 9.4
N
tes
and
mortgages
................
4.7
5.1
4.2
Life
insurance
............................
1.2
1.8
0.3
Other
assets
...............................
8.5
8.6 8.3
Corporate
stock,
long
the
most
prominent
asset
in
the
portfolio
of
top
wealthholders,
declined
from
more
than
35
percent
of
the assets
in
1976
to
roughly
30
percent
in
1982,
probably
because
of
the
decline
in
the
stock
market,
as
well
as
the
increase
in
the
value
of
real
estate
'
during
that
period
[11).
Between
1976
and
1982
the
Dow-Jones
Industrial
Average
fell
9.3
percent
while
the
Consumer
Price
Index
for
home
purchases
rose 67.2
percent
[12,
13].
These
mea-
sures
of
the
market
condition
are
reflected
in
the
shift
in
the
composition
of
the
assets
of
the
wealthy
for
these
2
years.
Bonds
and
noncorporate
business
assets
also
switched
positions
of
importance
[14].
The
share
of
assets
held
as
bonds
declined
from
more
than
9
percent
in
1976
to
7
percent
in
1982,
.and
noncorporate
business
assets in-
creased
from
5
percent
of
the
assets in
1976
to
nearly
8
percent
in
1982.
A
look
at
the
composition
of
assets
by
sex
shows that
the
share of
the wealth
held
in
the
form
of
real
estate
and
corporate
stock,
was
similar
for
men
and
women.
On
the
other
hand,
the
difference
in
the
proportion
of
the
wealth
held
as
bonds
or
as
noncorporate
business
assets
is
noteworthy.
Noncorporate
business
assets
made
up
9
percent of
the
assets
of
men
in
1982,
compared
with
5.5
percent
for
women.
Conversely,
wealth
held
by
women,was
typified
by
a
greater
concentration
in
bonds,
over
9
per-
cent,
compared
with
only
5.5
percent
for
men.
An
exami-
nation
of
all
other
assets
shows that
notes
and
mortgages
and
life
insurance
constituted
a
more significant
portion
of
the assets
of
men,
while
cash
represented
a
greater
share
of
the
assets
of
women.
Although,
real
estate
constituted
the
greatest
share
of
the
assets
in
the
portfolio
of
all
top
wealthholders,
the
propor-
tions
of
wealth
held
as
real
estate
and
corporate
stock
were
quite different
for
millionaires
and
submil,lionaires (see Fig-
ure C).
Real
estate
made
up
just
25
percent
of
the
assets
of
millionaires;
they
held
more.than
38
percent of
their
assets
as
corpo
rate
stock.
In
contrast,
real
estate.
accounted
for
almost
42
percent
of
the assets
of
submillionaires;
20
percent
of
their
assets
were
in
corporate
stock.
Figure
C.-All
Top
Wealthholders
With
Gross
'
Assets
Exceeding
$500,000,
by
Size
of
Net
Worth
and
by
Type
of
Asset,
1982
Type
of
asset
Under
$1,000,000
$1,000,000
or
more
100.00/0
24.6
38.5
6.5
8.3
4.2
9.0
0.6
8.4
Size
of
et
worth
Total
assets
..........................................
Real estate
..............................................
Corporate
stock
......................................
Cash
.......................................................
Noncorporate
business
assets
..................................................
Notes
and
mortgages
.............................
Bonds
.........
...........................................
Life
insurance
.........................................
Other
assets
..........
.................................
100.00/0
41.6
20.1
10.5
7.1
5.3
4.8
2.0
8.5
Cash
and
bonds
together
represented
just
over
15
percent of
the
assets
of
both
groups
of
top
wealthholders
but
were
held
in
quite different
proportions.
Whereas
bonds
represented
just
under
5
percent
of
the assets
of
the
less
wealthy
group,
they
were,
at
9
percent
of
the
assets,
the
third
most
common
asset
held
by
millionaires. Proportion-
ately,
millionaires
held
more
corporate
stock,
bonds, and
Estimates
of
Personal
Wealth,
1982:
A
Second
Look
noncorporate
business
assets
and
less
real
estate,
cash,
notes
and
mortgages,
and
life
insurance
than
the
submil-
lionaires.
Geographic
Distribution
of
Wealth
In
1982, nearly
700,000
of
the
top
wealthholders
in
the
United
States
lived
in
California.
This
was
more
than
twice
the
number
of
top
wealthholders
in
the
"second
wealthiest"
State,
Texas.
New
York,
which
had
the
most
wealthy
indi-
viduals
in
1976,
had
dropped
to
third
place
by
1982.
As
a
result
of
the effect
of
the recent
decline
in
oil
prices
on
the
economy
of Texas,
coupled
with
Florida's
rapid
growth and
attractive
tax
policy
(no State
income
tax),
Florida
may
become
the
"second
wealthiest"
State
by
the
end
of
this
decade.
The
ratio
of
wealthy
individuals
to
the
adult
population
illustrates
the
distribution
of
wealth,
undistorted
by
the
large
populations
of
certain
States.
California,
the
most
populous
State,
had
an
above-average
concentration
of
wealth,
with
15
percent
of
the
top
wealthholders
but
only
11
percent
of
the
Nation's adult population.
Although
there were
a
large
number
of
wealthholders
in
New
York
and
Illinois,
the
proportion
of
top
wealthholders
in
these
States
was
only
33
average.
As
shown
in
Figure
D,
wealth
appears
to
be
more
heavily
concentrated
in
the
more
rural
States
west
of
the
Mississippi
River
Conversely,
the
southern
States-with
one
of
the
principal exceptions
being
Florida-and
the
more
heavily
industrialized
States
of
the
Midwest
had
a
lower-
than-average
proportion
of
wealthy
individuals.
ESTATE
MULTIPLIER
TECHNIQUE
Researchers
have
been
using
the
estate
multiplier
tech-
nique
since
the
beginning
of
the
20th
century
(financial
records
were
used
as
early
as 1864
to
estimate
total
personal
wealth
by
a
related
technique)
to
draw
conclusions
about
the
wealth
of
the
living
population through
knowl-
edge
of
the wealth
of
the
deceased
[15,
16].
The
technique
assumes
that
estate
tax
returns
taken
as
a
whole
represent
a
random
sample,
designated
by
death,
of
the
living
population.
In
fact,
however,
death
is
not
a
random event
and
therefore
is
not
a
simple representative sample
of
the
living
population under
consideration.
The
probability
of
''death's selection" of
an
individual,
i.e.,
that
a
person
will
die
in
a
given
year,
depends
on
the
particulars
of
one's
life.
Age
and
sex
are
usually
taken as
"gross"
indicators
of
these
conditions.
If
one
knows
the
Figure
D
Concentration
of
Top
Wealthholders
by
State,
1982
South
Dakota
:Kansas
j
Minnesota
Wisconsin
Michigan
)
111inoi
5
~
'L.-
.-r
~ndiana
Ohio
ssoun
Oklahorn
Kentucky
na
-V_fe-~nessee
rka
s
11
T--Z
South
Georgia
Miss
Alabarna~
F
.1d.
Greater
than
average
Average
Less
than
average
Note:The
average
concentration
of top
wealthholders
by
State was
2.2
to 3.0
percent
of the State's
adult
(age
20
and
above)
population.
34
Estimates
of
Personal
Wealth,
1982:
A
Second
Look
mortality
rate
and
the
number
of
deaths
for
each age and
sex
group,
one
can
derive
the
population
of
wealthholders
by
multiplying
the
inverse
of
the
mortality
rate
,
by
the
number
of
deaths
in
each
group
[8].
Vital
to
the estimates
of
personal wealth
is
the
use
of
a
mortality rate
appropriate
to
the
top
wealthholder
popula-
tion. This
is
essential
to
the estimates
because
there
is
much
evidence
that
the
wealthy
have
mortality
rates
lower
than
those
of
the
population
-as
a
whole.
In
other
words,
social
class also
is
a
determinant
in
the
"selection
of
the
sample"
[17].
Therefore,
an
adjustment
to
the
general
mortality
rates
is
necessary.
The
mortality
rates
assumed
to
approximate
those
of
the
wealthy
are
based
on
the
mortality
experience
of
the
Metropolitan
Life
Insurance
Company's
preferred-risk
poli-
cyholders
[181.
Multipliers
are
then
derived
from
the
ad-
justed
mortality
rates
for
each
decedent
according
to
age
and
sex.
These
multipliers,
applied
to
sampled
estate
tax
return
data,
produce
wealth
estimates for
the
living
popu-
lation.
The
multipliers
used
to
develop
the
preliminary
estimates
for
1982
were
based
on
Metropolitan
Life
mortality
experi-
ence
for
a
4-year
period. As
part
of
the
effort
to improve
the
accuracy
of
these
estimates,
the
Internal
Revenue
Service
has
developed
new
mortality
differentials
and
multipliers
based
on
data
for
a
series
of
years
between
1969
and
1982. Thus,
the
effect
of
the
sampling
variance
of
death
has
been reduced.
As
mentioned
earlier,
the
updated
estimates
of
personal
wealth
in
1982
are
based
on a
sample
of
estate
tax
returns
filed
between
1982
and
1984
for
individuals
dying
in
1982.
This
approach,
which
is
a
departure
from
the
year-of-filing
approach
used
fo
r
the
preliminary
1982
estimates
and
for
the estimates for earlier
studies,
is
designed
primarily
to
reduce
the
effects
of
inflation.
The
preliminary
estimates
of
personal
wealth
for
1982.
were
based
on
estate
tax
returns
filed
during
1983.
Although
the
returns
filed
thafyear
were
primarily
for
decedents
who
died
in
the
preceding
year,
they
also
reflected
deaths
that
occurred
in
1983
as
well
as
deaths
that
occurred
in
1981
and
several
earlier
years.
Therefore,
the estimates
for
the
1
year were
achieved
by
using
values
based
on
several.
In
addition
to
reducing
the
effect
of
inflation,
the
use
of
a
year-of-death
file
has
improved
the estimates
by
reducing
the
sampling
error.
The
strength
of
the
estate
multiplier technique,
in
part,
lies
in
the
large
sample
size.
The
sample
of
19,000
returns
selected
in
1983,
on
which the
preliminary
estimates
of
wealth
for
1982
were
based,
was
considerably
larger than
the
samples selected for
other
studies
for
comparable
levels
of
wealth
[19,
20].
Yet,
despite
the
large
overall
sample
size,
the limited
number
of
returns filed each year
for
young
(under
45
years
of
age)
and
very wealthy
(gross
assets
of
$5
million
or
more)
decedents
can
make results
for
these
categories
subject
to
considerable
sampling
error.
The
achieved
selection
probabilities
of
"death's
sample"
of
these
relatively
young
and
very
wealthy
decedents
in
a
given year
can
distort
estimates
of
the
wealth
of
the living.
Death samples
at
high
and
low
rates
which tend
to
average
out
over
a
period
of
years,
but which
can
result
in
large
short-term fluctuations,
i.e.,
for
a
given
year.
When
death
1.
selects"
a
smaller
sample,
i.e.,
fewer
deaths
for
a
limited
population
during
a
sample
year,
wealth estimates
will
be
lower
than
the
true
population
values.
Similarly,
too
large
a
sample
produces
estimates
that
overstate
the
wealth
of
the
population.
The
updated
estimates
of
wealth for
1982
have
incorpo-
rated
two
modifications
from recent-year
estimates
de-
signed
to
reduce
the
variability of
death's
annual sample
selection.
First,
the
sample
of
estate
tax
returns
was
rede-
signed
so
that
it
was
stratified
by
age
as
well
as
by
size
of
gross
estate.
Whereas
all
returns
of
the
very
wealthy
(those
with
gross
estates
of
$5
million
or
more)
were
selected
for
past
studies,
before
the
1982
study
the
returns of
the
relatively
young
were
selected
at
rates
dictated
by
the
size
of
gross
estate.
Thus,
the
high
sampling
variance
already
present
because
of
the
limited
number
of,
returns
for
relatively
young decedents
was
further
increased
by
sam-
pling
those
returns
for
less
wealthy cleceden
'
ts
at
rates less
than
100
percent.
Starting
with
1982,
all
estate
tax
returns,
regardless
of
the
size
of
gross
estate,
were
selected
for
decedents under
45
years
of
age.
The
sampling
variability
of
the
final
estimates
for
wealthy
and
relatively
young
individuals
is
reduced
further.
by
basing
the estimates
on
returns
filed
for
the
specific
year
of
death
(1982)
during
a
3-year
period.
Thus,
this
technique
produces
more accurate
estimates of
the
type
and
amount
of
wealth
of
the
young
and
very
wealthy.
SUMMARY
For
1982,
approximately
4.5
million
people-
2.8
percent
of
the
adult
population of
the
United
States-held
gross
assets
of
$325,000
or
more. The net worth
of
these
individuals exceeded
$2.7
trillion
and
accounted
for
almost
30
percent
of
the personal
wealth
in
this
country.
The
top
wealthholder
in
1982
was
typically
a
man
under
50
years
of
age
from
California.
Just
over
60
percent of
his
wealth
was
held
as
real
estate
and
corporate
stock,
with
corporate
stock
becoming
more
prominent
as
wealth
in-
creased.
Estimates
of
Personal
Wealth,
1982:
A
Second
Look
Wealthy
women,
although
still
the minority
of
top
wealth-
holders, nevertheless
increased
their
representation
from
less
than
33
percent
in
1976
to
just
over
38
percent
in
1982.
Of
the
total,
approximately
38
percent
were
under
50
years
of
age,
and
over
36
percent
were
between
50
and
64
years
of
age.
DATA
SOURCES
AND
LIMITATIONS
Although
estimates
of
wealth
are
provided
for
all
individ-
uals
with
gross
assets
of
$325,000
or
more,
the
composi-
tion
of
assets
was
examined
only
for
wealthholders
with
gross
assets
exceeding
$500,000.
This
limitation
is
the
result
of
a
change
in
the
reporting requirements
for the
estate
tax
returns
on
which
the estimates
are
based.
Detailed
asset
information
is
not
required to
be
filed
on
the
returns of
persons
who
died
after
December
31,
1981
with
a
gross
estate
(gross
assets)
of
$500,000
or
less.
Neverthe-
less,
72
percent
of
the
assets
of
the
wealthholders
derived
from
this
group
were
reported
on
the
returns.
Because
the
decision
to
provide
asset
detail
on
the
return
may
be a
reflection of
the
asset
composition
of
the
estate,
the
inclu-
sion
of estimates
of
wealth
based
on
this
incomplete
detail
would
have
distorted
the
estimates
and
introduced
a
bias
into
the
estimates.
The
treatment
of
the
assets
included
on
the
estate
tax
return
as
"lifetime transfers"
was modified to
provide
more
accurate
data
on
the
composition
of
the
assets
of
top
wealthholders.
In
the
past,
all
assets
reported
as
lifetime
transfers were
included
in
the statistics
as
"other
assets".
The redefinition
of
lifetime
transfers
under
the
Economic
Recovery
Tax
Act
(ERTA)
of
1981
made
it
more
appropriate
to
allocate
lifetime
transfers
to
the
specific
type
of
asset
[21
1.
Figure
E
shows
the effect
of
this
change
on
the
data
for
1982.
Figure
E.-Treatment
of
Lifetime
Transfers
Made
by All
Top
Wealthholders
With Gross
Assets
Exceeding
$500,000,
by
Type
of
Asset,
1982
Type
of
asset
Lifetime
transfers
Total
....................
...........................
Real
estate
.....................
........................
Corporate
stock
................. ................
Cash
.....................
_
...............................
Noncorporate
business
assets
................
Bonds
................... ............................
N
tes
and
mortgages
.............................
Life
I
nsurance
............................... .........
Other
assets
..........................
.................
Sample
Selection
Criteria
Allocated
to specific
assettype
100.0%
32.5
29.9
8.4
7.8
7.0
4,7
1.2
8.5
Included
in
"Other
assets"
100.0%
30.7
26.4
7.8
7.4
5.9
4.4
1.2
16.2
The
1982
estimates
of
personal
wealth
are
based
on
data
from
a
sample
of
estate
tax
returns,
Form
706,
processed
by
the
Internal Revenue
Service between
1982
and
1984.
The
sample
was
stratified
according
to
the
year
of
death
35
and
age
of
the
decedent,
along
with
the
size
of
the
gross
estate.
The
returns
were
selected
during
the
3-year
period
at
annual
rates
that
ranged
f
rom
10
percent-for
decedents
age
70
and
older
with
gross
estate
under
$1
million-to
100
percent-for
decedents under
age 45
or with
gross
estate
of
$1
million
and
above-with
weights
appropriate
to
each
year
maintained.
Of
the
returns
filed
during
the
1982-1984
period,
only
those
filed
for
individuals
dying
in
1982
were
selected,
with
two
exceptions.
All
returns
for
the
very wealthy
(those
with
gross
estates
of
$5
million
or
more)
and
individuals
under
45
years
of
age
were selected,
regardless
of
the
year
of
death. The
estate
multipliers
for
those
returns
were
adjusted
accordingly.
Other returns
filed
during
this
period
for
indi-
viduals
who
died
in
years
other
than
1982
were
not
used
for
these
estimates.
Limitations
0
Because
the
data
in this
article
are
estimated
on
the
basis
of
a
sample
of
estate
tax
returns filed
with
the
Internal
Revenue
Service,
they
are
subject
to
sampling
as
well
as
nonsampling
error
For
proper
use
of
the
statistical
data,
the
magnitude
of
the
potential
sampling
error
must
be
known.
Figure
F
presents
preliminary
estimates
of
the
coefficients
of
variation
(CV's)
for
frequency
estimates.
The
approximate
CV's
shown
here
are
intended
only
as
a
general
indication
of
the
reliability
of
the
data.
For
a
number
other
than
that
shown,
the
corresponding
CV's
can
be
estimated
by
interpolation.
The
reliability
of estimates based
on
samples
and
the use
of coefficients of
variation
for
evaluating
the
precision
of
sample
estimates
are
discussed
in
the
Appen-
dix.
Figure
F.-Approximate
Coefficients
of Variation
for
Frequency
Estimates,
1982
Number
of
wealthholders
,02
...........
__
....................
-
..............................
.03
.......... ....
.................................................
.....................................................
............
.......................................................................
.15
... ... ......
........................................................................
20
.
...................... .........................................................
NOTES
AND
REFERENCES
Approximate
coefficient
of
variation
2,600,000
540,000
124,000
18,500
3,900
1,900
[1
]
The
adult
population
is
defined
as
individuals
20
years
of
age
and
older.
[2]
Marley,
Marcia,
and
Wolff,
Edward
N.,
"Long-term
Trends in
U.S.
Wealth
Inequality:
Methodological
Is-
sues
and
Results," 1987
Proceedings
of
the
Confer-
ence
on
Research
on
Income
and
Wealth,
National
Bureau
of Economic
Research
(in
preparation
as
of
June
1988).
36
Estimates
of
Personal
Wealth,
1982:
A
Second
Look
[3]
Using
the
Personal
Consumption
Expenditures
Im-
plicit
Price
Deflator
calculated.by
the
U.S.
Department
of
Commerce,
Bureau
of
Economic
Analysis,
$1
mil-
lion
in
1976
had
the
equivalent value
of
$1,597,400
in
1982.
For
a
discussion
of
the
deflator,
see
U.S.
De-
partment
of
Commerce,
Survey
of Current
Business,
April
1987,
Volume
66,
Number
4.
[111
Ruggles, Richard,
and Ruggles,
Nancy,
D.,
"Inte-
grated
Economic
Accounts
for
the United
States,
1947-1980,"
Survey
of
Current
Business, Volume
62,
Number
5,
U.S.
Department
of
Commerce,
Bureau
of
Economic
Analysis,
May 1982.
[4]
McCubbin,
Janet,
"Improving
Wealth
Estimates
De-
rived
from
Estate
Tax
Data,"
Statistics
of
Income
and
Related
Administrative
Record Research:
1986-1987,
U.S.
Department
of
the
Treasury,
Internal Revenue
Service,
1987.
[5]
Sch6uren,
Fritz,.
and
McCubbin,
Janet,
"Piecing
To-
gether
Personal
Wealth
Distributions,"
Statistics
of
Income
and
Related Administrative
Record
Research:
1986-1987,
U.S.
Department
of
the
Treasury,
Internal
Revenue
Service,
1987.
[6]
Schwartz,
Marvin,
"Preliminary
Estimates
of
Personal
Wealth,
1982:
Composition
of
Assets,"
Statistics
of
Income
Bulletin, Winter
1984-1985,
Volume
4,
Num-
ber
3.
[7]
For estimates
of
the
number
of
individuals
with
net
worth
of
$5
million
or
more
based
on
estate
tax
returns
filed
in
each
of
the
3
years,
as
well
as
those
filed
in
1985,
see
Skelly,
Daniel
F.,
and
Kozielec,
John
A.,
"Statistics
of
Income
Domestic
Special
Studies,"
Sta-
tistics
of
Income
Bulletin,
Fall
1987,
Volume
7,
Number
2.
These estimates reflecting wealth
in
1981
through
1984
were
developed
prior
to
the
methodological
improvements
reflected
in
the estimates for
1982
included
herein.
[8]
For
a
detailed
explanation
of
the
estate
multiplier
technique
and
the
computation
of
the
equity
value
of
life insurance,
see
Statistics
of
Income-1972,
Per-
sonal
Wealth
Estimated from
Estate
Tax
Returns,
U.S.
Department
of
the
Treasury,
Internal Revenue
Service,
1976.
191
Schwartz,
Marvin,
"Trends
in
Personal
Wealth,"
Statis-
tics
of
Income
Bulletin,
Summer
1983,
Volume
3,
Number
1.
[110]
The
revised
treatment
for the
1982
estimates
of
the
assets
included
on
the
estate
tax
return
as
"lifetime
transfers"
should
be
noted.
This
is
described
in
the
section
on
"Data
Sources
and
Limitations."
Although
the
revised
treatment
yields
somewhat higher
asset
shares,
the
basic
relationship
described
later
remains
largely unaffected.
[12)
U.S.
Department
of
Commerce,
Bureau
of
Economic
Analysis,
Survey
of Current
Business,
various
issues.
[13]
For
information
about
the
Consumer
Price
Index,
see
U.S.
Department
of
Labor,
Bureau of
Labor
Statistics,
Monthly Labor
Review,
various
issues.
[14]
Noncorporate
business
assets
include
the net
value
of
sole
proprietorships,
farms,
and
interests
in
partner-
s
hips,
except
for the
value
of
the
real
estate
associated
with
the business
or
farm.
[15]
Lampman,
Robert
J.,
The
Share
of
Top
Wealthholders
in.
National
Wealth,
1922-56,
Princeton
University
Press,
1962.
[16)
Smith,
James,
and
Calvert,
Staunton,
"Estimating
the
Wealth
of
Top
Wealthholders
from
Estate
Tax
Returns,"
1965
American
Statistical
Association
Proceedings,
Section
on
Business
and
Economics
Statistics.
[171
Kitagawa,
Evelyn
M.,
and
Hauser,
Philip
M.,
Differen-
tial
Mortality
in
the
United
States:
A
Study
in
Socioeco-
nomic
Epidemiology,
Harvard
University
Press,
1973.
[181
The
author
is
extremely
grateful
for the
continued
support
received
from
the
Metropolitan
Life
Insurance
Company,
beginning
with
the
late
Mortimer
Spiegel-
man
and
continuing
most recently
with
Frances
Baffa,
who provided
the
mortality
data
used
in
the
computa-
tion
of
the
estate
multipliers.
[19]
Data
on
wealth are
also
available
from~
the
1983
Survey
of
Consumer
Finances.
This
study,
jointly
sponsored
by
the Board
of
Governors
of
the
Federal
Reserve
System
and
six
other
Federal
agencies,
pre-
sents
information
on
assets
as
well
as
other
financial
information
based
on a
survey
of
approximately
3,800
L
families.
The
inclusion
of
data
from interviews
with
an
additional
438
high-income
families allowed greater
comparability
with
the
estate
multiplier
estimates
of
the
wealth
of
top
wealthholders.
For
further
information,
see
Avery,
Robert
B.,
Elliehausen,
Gregory
E.,
Canner,
Glenn
B.,
and
Gustafson,
Thomas
A.,
"Survey of
Consumer
Finances,
1983,"
Federal
Reserve
Bulletin,
September
1984;
Avery,
Robert
B.,
Elliehausen,
Gre-
gory
E.,
Canner,
Glenn
B.,
and
Gustafson,
Thomas
A.,
"Survey
of
Consumer
Finances,
1983:
A Second
Report,"
Federal
Reserve
Bulletin,
December
1984;
Estimates
of
Personal
Wealth,
1982:
A
Second Look
and
Avery,
Robert
B.,
and
Elliehausen,
Gregory
E.,
"
Financial
Characteristics
of
High-Income
Families,"
Federal
Reserve
Bulletin,
March
1986.
[20]
Lamas,
Enrique
J.,
and
McNeil,
John
M.,
"Year-Apart
Estimates
of
Household
Net
Worth
from
the Survey
of
Income
and
Program
Participation,"
1987
Proceed-
ings
of
the.Conference
on
Research
on
Income
and
37
Wealth,
National
Bureau
of Economic
Research
(in
preparation
as
of
June
1988).
[21]
Prior
to
1982,
all
gifts
within the
3
years
preceding
death
were
required
to
be
included
in
the
estate.
Under
ERTA,
only
certain
transfers-primarily
gifts
in
which
the
decedent
had a
reversionary interest
and
revocable
trusts-were
included
in
the
estate.
38
Estimates,
of
Personal Wealth,
1982
Table
1A.-All
Top
Wealthholders
With
Gross
Assets
of
$325,000
or More,
by
Size
of
Net
Worth
[All
figures
are
estimaies
based
on
estate
tax
return
samples-numbers
of
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Number
of
Total
Debt~ and
mortgages
Net
Size
of
net
worth
top
wealth-
ass,ets
worth
holders
Number
Amount
(2) (3) (4)
(5)
Total
............
..................
...............................
4,47&8
3.218,225
3,976.5
504,714
2,713,510
Under $100,000 l_
................
...........................................
341.7
93,796
332.2
107,990
-14,193
$100,000 under
$250,000
..........................
.......
649.0
200,942
620.4
84,079
116
*
863
$250,000 under
$500,000
..................................
...........
2,032.3
868,468
1,744.4
118,996
749.472
$~00,000 under
$1,000,000..
.......... ..................
980.3
734,872
843~7
73,659
661,212
$1,000,000
under $5,000,000
....................
............
437.3
874,391
399.1
87,402
786,989
$5,000,000
or
more
.............
.................
...............
1
38.2
1
445,755
36.6
1
32,588
413,167
I
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Table
1
B.-All
Top
Wealthholders
With
Gross
Assets
Greater
Than
$500,000,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-number
of
top
weathholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
IN
Imber
of
Total
Debts
and
mortgages
Net
Size
of
net
worth
top
wealth,
assets
worth
holders
-
Number
Amount
(1)
(2) (3)
(4)
(5)
Total
..........
......
...................................
2,233.1
2,464,225
2,033.2
399,206
2,065,019
Under
$250,000
1
-
.....................
282~6
130,729
278.0
121,511
9,219
$250,000
under
$500,000......
..........
4943
278,478
475.8
84,045
194,433
$500,000 under
$1,000,000...
.......................... ..........
980.3
734,872
843.7
73,659
661,212
$1,000,000
under
$5,000,000
................................
..........
437~3
874,391
3991
87,402
786,989
$5,000,000
or
more
.........
.....
...
............
...........
382__
-10
1
445,755
36.6
32,588
1
413,167
Types of
assets
Cash
Corporate
stock
Bonds
Size
of
net
worth
.
A
Total
Corporate
and
foreign
Number
Amount
Number
mount
Number
Amount
Number
Amount
(6)
(7) (8)
(9)
(10) (11)
(12)
(13)
Total
... 2,178.0
205,960
1,842.9
737,964
980.7
173,635
407,7
17,264
Under
$250,000'
.............
269.5
6,655 196.7 13,155
5&6
1,252
1&2
487
$250,000
under
$500,000
..........
..........
47&0
21,392
387.4
44,114
143.7
5,688
561
1,262
$500,000
under
$1,000,000
...........
96M
92,597
820,0
173,044
499.8
48,444
221.1 6,626
$1,000,000
under
$5,000,000
...............
431
3
64,936
401.5
298,522
259.4
75,739
102.2
5,746
$5,000,000
or
more.
...........
37~9
20,380
1
37.3
1
209,129
1
271
1
42,512
12~0
3,143
Types
of
assats-Confinued
Bonds-Continued
Life
insurance
equity
Size
of
net
worth
Government
Federal savings
Other
Federal State
and
local
N
mb
Am
nt
u
er
ou
Number
Amount
Number
Amount
Number
Amount
(14) (15) (16) (17) (18)
(19)
(20) (21)
Total
.....
...........
...........
...................
244A
6,609
324~5
55,871
559
9
93,891
1,622A
30,610
Under
$250,000
1
-
..............
21.0
31
8.2
157
14~8
576
269.9
6,467
$250,000
under
$500,000
44Z
360
362
1,546
61.8
2,520
422.2
8,019
$500,000
under
$1,000,000
..... .....
125A 3,377
175~8
16,834
278.6
21,606
624.2
8,247
$1,000,000
under
$5,000,000
...............
50,9
2,177
9Z5
24,532
183,8
43,284
282.0
6,777
$5,000,000
or
more
..............................
26
664
11.8
12,801
1
20,9
1
25,904
1
24.0
1
1,100
Types of
assets-Continued
Size
of
net
worth
Notes
and
mortgages
Real
estate
Noncorporate
business
assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23) (24) (25) (26)
(27)
(28)
(29)
Total
.....
.................
975.9
116,005
2,074.3
800,391
971.8
191,128
2,139.0
208,533
Under $250,000
1 ~
..................
82.0
6,357 264.7 67,621
127.8
17,449
270.8
11,774
$250,000
under
$500,000
..........
197.9
14,475
476,0
137,430
221.8
22,792
476.5
24,569
$500,000
under
$1,000,000
432.4
39,662
893,4
270,544
373.2 41,371
932.0
60,964
$1,000,000
under
$5,000,000..
...... ......
238.0
39,411
4039
252,025
221.3
67,958
421.8
69,023
$5,000,000
or
more
............
_
................
1
25.7
1
16,101
36.4
72,772
1
27.7
1
41,559
37.8
1
42,203
'
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Estimates
of
Personal
Wealth,
1982
Table
2A.-All
Men:
Top
WealthholdersWith
Gross
Assets
of
$325,000
or
More,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
39
i
f
h
Number
of
Total
Debts
and
mortgages
Net
S
ze
o
net
wort
top
wealt
-
assets
worth
holders
Number
Amount
(1)
(2)
(3) (4)
(5)
Total
...............
........
....
..
2,763.4
1,915,893
2,478.6
380,392
1,535,501
Under
$100.000
.
.............. ..............
3043
84,376
296.1
95,421
-11,046
$100,000
under
$250,000..
.......
........
527.9
158,789
500.2
64,461
94,329
$250,000
under
$500,000...
.........
...
.......... 1,136.1
494,675
974.7
79,694
414,981
$500,000
under
$1,000,000
............................
-
...............
529Z
412,968
462.8
53,546
359,422
$1,000,000
under
$5,000,000..
.........................
.............
243.5
503,067
224.5
62,056
441,010
$5,000,000
or
more......
...
...
....................
.........
21A
262,019
20.3
25,214
236,804
'
Includes
top
wealthholders
with
negative
net
worth.
NOTE: Detail
may
not
add
to
totals
because
of
rounding.
Table
2B.-All
Men:
Top
Wealthholders
With
Gross
Assets
Greater
Than
$500,000,
by
Size
of
Net
Worth
[All
figures
are
estimates based on
estate
tax
return
samples-numbers
of
top
weathholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Si
f t
th
IN
I
mber
of
t
l
h
Total
Debts
and
mortgages
Net
ze
o ne
wor
op
wea
t
-
assets
worth
holders
Number
Amount
(1)
(2) (3)
(4)
(5)
Total
-
.....
..
.............
...............
......................
.
1,408.7
1,495,612
1,299.0
307,794 1,187,818
Under
$250,000
.
......
.....
......
........
......
...
............
.__
248.5
114,829
243.8
105,463
9,366
$250,000
under
$500,000
......
...................
..........
... ...
365.5
202,730
347.5
61,515
141,215
$500,000
under $1,000,000
...
.......
....
.......................
...
529.8
412,968
462.8
53,546
359,422
$1,000,000
under
$5,000,000
.............
.......
.........
243.5
503,067
224.5
62,056
441,010
$5,000,000
or
more..
............
..
.............
...............
..........
21.4
262,019
20.3
25,214
236,804
Types of
assets
Si
f
h
Cash
Corporate
stock
Bonds
ze
o
net
wort
N
b
A
t
N
b
A
t
Total
Corporate
and
foreign
um
er
moun
um
er
moun
Number
Amount
Number
Amount
(6) (7)
(8)
(9)
(10)
(11) (12) (13)
Total
.......... .............
1,371.4
110,648
1,167.1
444,251
543.8
82,332
215~7
7,654
Under
$250,000'
-
..............
238,1
5,322
172.7
11,665
45,0
957
$250,000
under
$500,000
.............
352Z
15,070
298.2
36,111 104.9
3,723
"51
6
-1,21
$500,000
under
$1,000,000..................
51&3 45,777
447.4
99,502
244.3
20,977
105.6 2,698
$1,000,000
under
$5,000,000
241.3
34,149
227.7
179,011
135.5 33,871
52.7
2,638
$5,000,000
or
more
.............
211
10,330
21.0
117,962
14.0
22,804
5.7
1,111
Types of
assets-Coritinued
Bonds-Continued
Life
insurance
Size
of
net
worth
Government
equity
Federal
savings
Other
Federal State
and
local
N
b
A
t
um
er
moun
Number
Amount
Number
Amount
Number
Amount
(14)
(15) (16)
(17)
(18)
(19)
(20)
(21)
Total..
.
....
...
................
148'1
3.266
145.4
22,842
298A
48,570
1,236.5
27,426
Under
$250,000
1
.......
...
241.6
6,078
$250,000
under
$500,000
.....
............
**53
0
"283
29.3
1,047
58.6
2,142
343.2
7,201
$500,000
under
$1,000,000
.....
............
661
1,465
713
6,720
133.2 10,094
432.4 7,324
$1.000,000
under
$5,000,000
...............
27A
965
38,8
7,793
95.6
22,475
201.3 5,850
$5,000,000
or
more
.............
1.7
553
5.9
7,282
11,0
13,858
18.0
974
Types
of
assets-Continued
Size
of
net
worth
Notes
and
mortgages Real
estate
Noncorporate
business assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23)
(24)
(25) (26)
(27)
(28)
(29)
Total
.............
636.1
75687
1,325.2
488,642
697.2
138,021
1,353.8
128,605
Under
$250,000
1
...................
.......
73.3
5~578
234.3 58,923
114,1 15,949
238.9
10,356
$250,000
under
$500,000
................
146.1
9,997 352.5
91,990
1823
19,540 355.1 19,098
$500,000
under
$1,000,000
.......
......
260.4
24,175
491,5
149,722
2436
30,060
504,1
35,432
$1,000,000
under
$5,000,000
...............
141.5
24,765
226.4
142,153
1411
44,030
234,6
39,239
$5,000,000
or
more
........................
......
14~8
11,173
20.5
45,854
163
28,441
21.1
24,481
*
Data
combined
to
avoid
disclosure
of
information
for
specific
estate
tax
returns.
Includes
top
wealthholders
with
negative
net
worth
NOTE.
Detail
may
not
add
to
totals
because
of
rounding.
40
Estimates
of
Personal
Wealth,
1982
Table
3A.-All
Women:
Top
WealthholdersWith
Gross
Assets
of
$325,000
or
More,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbersof
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars)
Number
of
Total
Debts
and
moingages
Net
Size
of
net
worth
top
"all
assets
worth
holders
Number
Amount
(2) (3)
(4)
(5)
Total
................
...............
1,715.3
1,302,332
1.497.9
124,322 1,178,010
Under $100,000
.
........................................ ................
37.0
9,421
36.2
12,568
-3,147
$100,000
under $250,000
............
.............
121~O
42,153 120.2 19,619
22,535
$250,000
under $500,000
..................
............
_
896.2
373,793
769.8
39,302
334,491
$500,000
under $1,000,000
...........
...............
45&5
321,904
380.9
20,114
301,790
$1,000,000 under
$5,000,000
.....................
...........
193.8
371,325
174.6 25,346
345.979
$5,000,000
or
more
............. ...........
.............
_
1
16.8
183,736
1
16.3
1
7,374
1
176,362
'
Includes
top
wealthholders
with
negative
net
worth.
NOTE.
Detail
may
not
add
to
totals
because
of
rounding.
Table
3B.-All
Women:
Top
WealthholdersWith
Gross
Assets
Greater
Than $500,000,
by
Size
of
Net
Worth
JAII
figures
are
estimates
based
on
estate
tax
return
samples-numbersof
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars)
Number
of
Total
Debts
and
mortgages
Net
Size
of
net
worth
top
wealth-
assets
worth
holders
Number
Amount
(1)
(2)
(3)
(4)
(5)
Total
.
..
...
.....
................... ................
824.5
968,614
734,2
91,413
877.201
Under
$250,000'
-
,
_
-
. ..
...
..........
34,2
15,901
34.2
16,048
-148
$250,000
under
$500.000
129,2
75,748
128.3 22,531
53,217
$500,000
under
$1,000,000.___
450.5
321,904
380.9 20,114
301,790
$1,000,000 under
$5,000,000
........
...
................
193.8
371,325
174.6
25,346
345,979
$5,000,000
or
more
...........
. ..
.............................
16,8
183,736
l&3
7,374
176,362
Types
of
assets
Cash
Corporate
stock
Bonds
f
Size
o
net
worth
N
b
A
t
N
b
A
t
Total
Corporate
and
foreign
um
er
moun
um
er
moun
Number
Amount
Numbe,
Amount
(6)
(7)
(8) (9)
(10)
(l
1)
(12)
(13)
Total
.........
...
..............................
806.6
95,312
675,8
293,713
436.9
91,303
192,0
9,610
Under $250,000
.
...........
....
................
31.4
1,333
24.0
1,490
*
5.6
*
295
$250,000
under
$500,000
~
... ...
...........
125.5 6,322
89.2
8,004
38.8
1,965
$500,000
under
$1,000,000
4426
46,820
372.6
73,542
255.5
27,467
115.5
3,928
$1,000,000
under
$5,000,000
....
..........
190.4
30,787
173,8
119,510
123.9
41,868
49~13
3,108
$5,000,000
or
more...
...
.......
........
16.8
10,050
16.2
91,166
13.1
19,708
6.3
2,032
Type.
of
.-ts-Conti
...
d
Bonds-Continued
Life
insure
ce
Size
of
net
worth
Government
equity
Federal savings
Other
Federal State
and
local
N
A
umber
mount
Number
Amount
Number
Amount
Number
Amount
(14)
(15) (16) (17) (18) (19)
(20)
(21)
Total..
.
.........
...
962
3,343
179.1
33,02
?
261.5
45,;21
385~8
3,184
Under
$250,000
1
.
..
-
.
-
28,3
388
$250,000
under
$500,000...
..l
0
15.1
657
79.0
818
$500,000
under
$1,000,000
..........
59.4
1,912 104.5 10,114
145~4
11.512
191,8
924
$1,000,000
under
$5,000,000
...............
23~5
1,212
53.7
16,739
881
20,809
80,8
927
$5,000,000
or
more
.
..................
0.9
ill
5,9
5,519
9.9
12.046
6,0
126
Types
of
assets-Continued
Size
of
net
worth
Notes
and
mortgages Real
estate
Noncorporate
business
assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23)
(24) (25) (26)
(27)
(28)
(29)
Total..
339,13
40,317
749.2
311,750
274.5
53,107
785.2
79,928
Under
$250,000'
....
......
8.7
777
30.4
8,698
13.7
1,500
32,0
1,418
$250,000
under
$500,000..
.............
51.8
4,478 123.5
45,440
39.6
3,251 121.4 5,470
$500,000
under
$1,000,000
171
~9
15,487
401.9
120,822
129.6 11,311
428,0
25,532
$1,000,000
under
$5,000,000...... 9&5
14,646
177.4
109,873
80.2
23.928
187,1
29,785
$5,000,000
or
more
......
....
..............
10.9
4,928
15.9
26,917
11.4
13,117
l&8
17,722
Estimate
should
be
used
with
cautio
because
of
the
sm
11
number
of
sampl
estate
tax
returns
o
which
it
is
based.
*
Data
combined to
avoid
disclosure
of
information
for
specific
estate
tax
returns.
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Estimates
of
PersonalWealth,
1982
Table
4A.-Top
Wealthholders
Under
50
Years
of
Age
With
Gross
Assets
of
$325,000
or
More,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars)
41
Number
of
Total
Debts
and
mortgages
Net
Size
of
not
worth
top
wealth-
assets
worth
holders
Number
Amount
(4) (5)
Total
............... ..................... ....................
1,702.4
1,040,871
1,590.4
290,518 750,353
Under
$100,000
.
..............
__
-
313.7
78,846 304.6
85,970
-7.125
$100,000 under
$250,000
.............................
438.4
133,968
423.1
58,043 75.925
$250,000
under
$500,000
.............
599.7
275,637
546.0
63,445
212,192
$500,000 under $1,000,000
...................
.............
232,5
189,086
205.1
32,680
156,206
$1,000,000
under
$5,000,000.
..............................
105.8
234,179
99.5
39,387
194,792
$5,000,000
or
more..
....
-
........... ................
...............
.
12.3
129,155
12.1
10,792
1
118,362
'
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Table
4B.-Top
Wealthholders
Under
50
Years
of
Age
With
Gross
Assets
Greater
Than $500,000,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbersof
top
weathholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Number of
Total
Debts
and
mortgages
Net
Size
of
net
worth
,
top
weal
h-
assets
worth
holders
Number
Amount
(1)
(2) (3)
(4)
(5)
Total
...............
..........
833.7
798,190
790.0
225,555
572,635
Under
$250,000
.
.................
...............
- -
232.2
101,248
228,4
92,147
9,102
$250,000
under
$500,000
..............
...............
250.7
144,521
244~9
50,349
94,172
$500,000
under
$1,000.000
~..
I
I..
....................
232.5
189,086
2051
32,880
156,206
$1,000,000
under
$5,000,000
............
__
.................
105.8
234,179
99.5
39,387
194,792
$5,000,000
or
more
....................
___
............
.............
12.3
129,155
12.1
10,792
118,362
Types of
assets
Cash
Corporate
stock
Bonds
Size
of
net
worth
Total
Corporate
and
foreign
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(7)
(8) (9)
(10)
(11) (12) (13)
Total..
.................
.....
___
...........
806.1
48,492
639.2
223,877
231.8
36,970
87.6
3,871
Under $250,000
.
......
_ _
..
.........
222.0
5,414 158.4
10,562
40.5
673
12,8
391
$250,000
under
$500,000
__
241.2
8,862 192.4
23,616
51.6
1,833
20,8
523
$500,000
under
$1,000,000
..................
226,8
17,434
181.5
43,641
85.4
8,603
37.1
1,335
$1,000,000
under
$5,000,000
103.9 11,477
95.0
82,451
46.2
17,392
13.2
604
$5,000,000
or
more
..........
..............
12.1
5,306
12.0
63,607
81
8,469
18
1,019
Types
of
assets-Continued
Bonds-Continued
Life
insurance
equity
Size
of
net
worth
Government
Federal
savings
Other
Federal
Slate
and
local
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(14) (15) (16) (17)
(18)
(19)
(20)
(21)
Total
................
...............
62.2
1,249
67.0
15,843
101,0
16,007
683
~
1
10,568
Under
$250,000
.
............
___
17.1
13
6.7
93
M9
177
223.4
4,637
$250,000 under
$500,000
.....................
16.3
59
12.4
239
18A
1,012
216.2
2,873
$500,000
under
$1,000,000
..................
19.6
516
30.5
3,925
36.7
2,827
160.9 1,472
$1,000,000
under
$5,000,000
.............
8.9
226
13.9
8.739
29.0
7,822
74.6
1,358
$5,000,000
or
more
0.3
434
3.5
2,846
5.9
4,169
8.1
228
Types of
assets-Continued
Size
of
net
worth
Notes
and
mortgages
Real
estate
Noncorporate
business assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23)
(24) (25)
(26)
(27)
(28)
(29)
Total
-
........................
333.1
34,097
771.3
290,063
402.2
77,923
800.8
76,200
Under
$250,000
1
_
62.8
4,788
216.7
53,105
101.3
12,109
224.0 9,960
$250,000
under
$500,000
...............
95.1
6,913
242.6
75,592
116.2
12,253
242.2
12,580
$500,000
under
$1,000,000....
_
107.5 8,832
2010
73,786
111,5
15,610
222.1
19,708
$1,000,000
under$5,000,000.
............
59.2
9,227
972
66,805
613
25,105
100.4
20,365
$5,000,000
or
more...
...
.......................
8.4
4,338
11.9
20,775
10.0
12,845
12.1
13,586
'
Includes
top
wealthhoiders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals because
of rounding.
42
Estimatesof
Personal Wealth,
1982
Table
5A.-Top
Wealthholders
50
to
64
Years
of
Age
With
Gross
Assets
of
$325,000
or
More,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Size
of
net
worth
Number
of
top
wealth-
Total
Debts
and
mortgages
Net
holders
assets
Number
Amount
worth
(if
(2)
(3)
(4)
(5)
Total
.............................
_
.............
1.631.3
1,217,460
1.431.4
166,300
1,051,160
Under
$100,000
.
.......................
..........
27.3
14,291
26.8
21,008
-6,718
$100,000 under
$250,000..
......
.............
................
200.5
62,253
187.2
23,337
38,916
$250,000 under
$500,000.
.............
..............................
826.1
347,291
711.3
44,964
302,326
$500,000
under
$1,000,000
_
.................
384.9
292,162
331.3
31,172
260,990
$1,000,000
under
$5.000,GOO
.............
..........
179.3
353,658
162.3
33,975
3
''
$5,000,000
or
more
...............
..............
..............
13.3
147,807
12.6
11,844
1::
13 9
63
I
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Table
5B.-Top
Wealthholders
50
to
64
Years
of
Age
With
Gross
Assets
Greater
Than $500,000,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbersof
top
weathholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Size
of
net
worth
Number
of
to
weahtr
Total
Debts
and
mortgages
Net
p
holders
asset.
Number
Amount
worth
(1)
(2)
(3)
(4)
(5)
Total
..........
...........................
............
__
.............
828.8
932,461
745.3
133,696
798,765
Under
$250,0001
...............
.....................................
___
47.9
27,351
47.1
27,264
87
$250,000
under
$500,000.....
............
...................
203.4
111,483
192.0
29,440 82,043
$500,000
under
$1,000,000.......
............
_
.........................
384.9
292,162
331.3
31,172
260,990
$1,000,000
under
$5,000,000
............
.............................
179.3
353,65~
1623
33,975
319,682
$5,000,000
or
more
.................
.............................
.
133
147,807
12.6
11,844
135,963
Types of
assets
Cash
Corporate
stock
Bonds
Size
of
net
worth
Number
Amount
Number
Amount
Total
Corporate
and
foreign
Number
Amount
Number
Amount
(6) (7)
(9)
(10) (11)
(12)
(13)
Total..
. ~
.......
..
......
..................
808.0
70,537
704.3
269,650
370A
45,973
147.0 5,578
Under
$250,000
.
...
...........
........
..
45.4
1,107
36.7
2,435
MO
564
3A
89
$250,000
under
$500,000
..........
196,8
8994
161
~O
16,754
733
2,646
27.6
528
$500,000
under
$1,000,000.
375.6
30:685
329.1
65,595
180,5 13,021
74,9
2,064
$1,000,000
under
$5,000,000...
176,9
23,724
164.5
116,079
97.8
19,206
37.4
2,033
$5,000,000
or
more
...........
............
13.2
6,027
13.1
68,786
8.5
10,535
3.7
864
Types of
assets-Continued
Bonds-Continued
Life
insurance
Size
of
net
worth
Go~ernrnent
equity
Federal
savings
Other
Federal State
and
local
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(14)
(15)
(16) (17) (18)
(19)
(20)
(21)
Total
............
...
.............
...........
87.4
1,549 102.3
11,697
219.3
27,149
639.2
14,283
Under
$250,000
.
......
....................
.....
3.7
15
4.0
399
44~7
1,775
$250,000
under
$500,000
.......
......
22.7
160
17.9
916
34.5
1,042
179.1
4,533
$500,000
under
$1,000,000
43.3
722
50.6
3,216
105.1
7,020
277.0 4,185
$1,000,000
under
$5,000,000
.... ..........
1&8
570
29.2
4,568
69.5
12,035
129.3
3,315
$5,000,000
or
more
...........
1'0
82
3.1
2,936
6.2
6,653
9A
474
Types
of
assets-Continued
Size
of
net
worth
Notes
and
mortgages
Real
estate
Noncorporate
business
assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23)
-
(24)
(25)
(26)
(27)
(28)
(29)
Total
.................
....
................
385.4
46,310
79&0
323,751
396.5
79,609
797.4
82,349
Under $250,000
.
....
........
.....
..............
17.8
1,440
45.6
13,163
24.9
5,158
44~8
1,708
$250,000
under
$500,000
_
-
1
83.8
6,021 196.6
52,313
93.5
9,441
196.1
10,781
$500,000
under
$1,000,000
..................
175.3
17,183
371.3
116,630
166.0 19,150
369.3
25,712
$1,000,000
under
$5,000,000
99.3
16,252
171.5
114,258
101Z
29,633 174.1
31,190
$5,000,000
or
more...
..........................
9.2
5,414
12.9
27,387
10,5
16,227
13.2
12,957
Estimate
should
be
used
with
caution
because
of
the
small
number
of
sample
estate
tax
returns
on
which
it
is
based.
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Estimatesof
Personal Wealth,
1982
43
Table
6A.-All
Top
Wealthholders
65
Years
of
Age
or
Older
With Gross
Assets
Greater
Than $325,000,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Size
f
n
t
rth
Number of
t
lth
Total
Debts
and
mortgages
Net
o
e
wo
op
wea
-
holders
assets
Number
Amount
worth
(1)
(2)
(3)
(4) (5)
Total
.............
..........
................
1,103,8
935.392
921.3
46,509
388.883
Under $100,000
1
.__
............. ...........
0.8
660
0.8
1,011
-351
$100,000
under
$250,000
__
................
......
9.0
4,231
9.0
2.407
1,824
$250,000
under
$500,000.....
..
........
_
__
-
578.1
233,913
464~O
9,941
223,972
$500,000
under
$1,000,000...
...........
...............................
354.2
247,844
301.1
9,490
238,354
$1,000,000 under $5,000,000
........
_
.....................
149.3
281,381
134,7 13,715
267,666
$5,000,000
or
more
...............
......
........................
12.6
1
167,363
1
11.8
9,945
157,418
Estimates should be
used
with
caution
because
of
the
small
number
of
sample
estate
tax
returns on
which
it
is
based.
Includes
top
wealthholders
with
negative
net
worth.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding,
Table
6B.-All
Top
Wealthholders
65
Years
of Age
or
Older
With
Gross
Assets
Greater
Than $500,000,
by
Size
of
Net
Worth
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbersof
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Size
of
net
worth
Number
of
to
wealth-
Total
Debts
and
mortgages
Net
p
assets
worth
holders
Number
Amount
(1)
(2) (3) (4)
(5)
Total
..............
...............
...
557,8
720,654
488,1
39,487
681,167
Under
$250,000
1
......................
-
.................
2.4
2,130
2.4
2,100
30
$250,000 under
$500,000
.......................
39A
21,936
38.1
4,236 17,700
$500,000
under
$1,000,000
............
..........
354.2
247,844
301.1
9,490
238,354
$1,000,000
under
$5,000,000
..........
..............
149.3 281,3B1 134.7
13,715
267,666
$5,000,000
or
more
.......
............... ..........
____
..............
12.6
167,363
11.8
9,945
157,418
Types of
ssets
Cash
Corporate
stock
Bonds
Size
of
not
worth
Number
Amount
Number
Amount
Total
Corporate
and
foreign
Number
Amount
Number
Amount
(6)
(7)
(8) (9)
(10)
(11)
(12) (13)
Total
.....................................
551.2
84,834
489.8
241,173
372.9 89,073
170~9
7,739
Under
$250,0001
................
2.1
135
1.7
158
:
$250,000
under
$500,000.....
................
38.8
3,401
32.9
3,597
18.8
1,198
-
;.8
-
-2;9
$500,000
under
$1,000,000..................
3497
43,262
303.6
62,687
229,9
26,388 107.4
3,208
$1,000,000
under
$5,000,000
..........
148.1
29,002 139.5
98,765
113.6
38,256
51.1
3,062
$5,000,000
or
more.......................
12.5
9,033
12A
75,966
10A
23,217
4.5
1.250
Types
of
assets-Continued
Bonds-Continued
Life
insurance
Size
of
net
worth
Government
equity
Federal savings
Other
Federal
State
and
local
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(14) (15) (16) (17)
(18)
(19)
(20)
(21)
Total
......................
........
92.7
3,682 152.9
27,927
235,7
49,725
294.1
5,705
Under
$250,000
.
......
. ..
..........
:
1,8
54
$250,000
under
$500,000
.........
....
-5.7
..1
43
-
1.1
"310
25.9
594
$500,000
under
$1,000,000
..................
61.4
2,122
931
9,542 134.5 11,516 182.5 2,569
$1,000,000
under
$5,000,000
...............
24.2
1,269
48.6
10,975
833
22,950
77.1
2,090
$5,000,000
or
more...
1.3
147
5.2
7,020
8.7
14,800
6.8
397
Types of
assets-Continued
Size
of
net
worth
Notes
and
mortgages
Real
estate
Noncorporate
business
assets
Other
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(22)
(23) (24) (25) (26) (27) (28)
(29)
Total
............
...........
252.3
35,024
492.9
182,455
169.1 33,291 529.2
49,099
Under
$250,0001
~
............. ..... .............
1.4
129
2.4
1,353
1.6
181
21
106
$250,000
under
$500,000.
18.6
1,518
35.5
9,354
121
1,098
37.1
1,176
$500,000
under
$1,000,000
............
146.3
13,347
311.1
77,902
93.1
6,501
333.0 15,187
$1,000,000
under
$5,000,000
.........
.....
78.0
13,682
132.4 69,286
55.1
13,024
144.6
17,276
$5,000,000
or
more
....................
8.0
6,348
11.5
24,560
7.2
12,487
12.4
15,353
Estimate
should
be
used
with
caution
because
of
the
small
number
of
estate
tax
returns on
which
it
is
based.
*Data
combined
to
avoid
disclosure
of
information
for
specific
estate
tax
returns.
Includes
top
wealthholders
with
negative
net
worth.
NOTE
Detail
may
not
add
to
totals
because
of rounding,
44
Estimates
of
Personal
Wealth,
1982
Table
7A.-All
Top
Wealthholders
With
Gross
Assets
of
$325,000
or
More,
by
State
of
Residence
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
Debts
and
mortgages
Men
Women
Millionaires
as
defined
by:
State
of
residence
Number of
top
wealth
h
ld
s
Total
assets
Net
worth
Net
-rth
o
er
Number
Amount
Number
Net
"rth
Number
Net
mr1h
Number
Amount
(1)
(2) (3)
(4)
(5)
(6) (7)
(9)
(10)
United
States,
total
4,478.8
3,218,225
3,976.5
504,714 2,713,510
2.763.4
1,535,501
1,715.3
1,178,010
475.5
1,200,157
Alabama
................
...........
44.8
31.813
41.4
4,000
27,813
32.0
18,338
12.7
9.475
7.2
14,402
Alaska
......................
18.0
11.121
17.3
2,571
8,550
13.7
6,266
4.3
2,2B4
1.8
3,448
Arizona
..........
....
..
67.3
53,998
59.9
6.022
47,976
37.8
19,637
29.5
28,338
7.0
24,058
Arkansas
............
..............
31,8
24,715
27.6
4,752
19,963
21~15
10,835
10.2
9,128
4.7
9,301
California
689.4
598,487
607.7 98,479
500,009
341,15
221,115
347.8
278,893
95~2
257.506
Colorado
...
.........................
.
83.3
70,049
73.4
16,015
54,033
49,7
34.215
33.6
19,819
8.2
26,382
Connecticut
.........
............
751
54,720
68,0
4,535
50,185
441
23.955
31.0
26,231
9.7
24,362
Delaware
.
...........
117
8,222
11.8
1.347
6,875
7.6
4.145
6.1
2,729
0.8
2,234
Florida
288.1
229,310
246.9
35,141
194,170
169.8
114,157
118.3
80,013
41.8
97,606
Georgia
........
......................
86.3
57,153
75.6
9,421 47,731
62.4
31,697
23.9
16,034
7.9
20,432
Hawaii..
..........
......
20.3
14,767
18.4
3,523
11,244
13.1
7,309
7.2
3.935
1.4
4,813
Idaho.
...........
18.5
11,380
16.1
3,443 7,937
9.6
3,354
~8.9
4,584
1.0
2,074
Illinois
..................
.......
230.7
154,487
209.4
27.745~
126,743
150.5 81,571
802
45,172
20.8
47,403
Indiana
........
...........
..
80.3
48,387
64.8
8,009
40,378
49.5
25,780
30,8
14,598
7.6
14,702
Iowa
..............
105.6
58,303
92.3
12,658
45,645
73.9
30,125
31.7
15,520
4.7
10,528
Kansas
.. .
.......
69.5
44,070
58.7
6,121
37,949
46.9
26,256
22.6
11,693
4.2
12,7ob
Kentucky
......
.............
49.6
31,524
45.2
5,275
26,249
34.7
16,577
14,9
9,673
5,0
11,200
Louisiana
_
.............
70.6
50,846
66,1
9,538
41,308
38.9
21,302
31.7
20,006
7.6
18,201
Maine
..........
........
................
14.7
10,550
13,2
2,458 8,092
9.7
4,929
5,0
3,163
1.2
2,999
Maryland
(includes
District
of
Columbia)
.........
................
88.9
65,458
76,11
7,735
57,723
62.3
36,741
26.6
20,982
9~8
28,489
Massachusetts
......
................
102,3
61,078
99.0
6,334
54,744
61.2
30,527
41.1
24,217
8.8
20,739
Michigan
.........................
111~8
68,734
98.9
8,913
59,822
76,5
38,342
35.4
21,479
9~8
22,199
Minnesota
90.6
56,643
78.5
12,055
44,588
74.7
34,156
15.9
10,433
IS4
15,418
Mississippi
33.9
18,320
30.3
3,793
14,526
25,0
10,326
8.9
4,200
1,6
3,107
Missouri
...........
..
.............
77.0
55,610
62.3
7,206
48,404
55.2
31,313
21.8
17,091
8.1
19,855
Montana
.
..........
........
25.5
16,539
22.2
4,600
11,939
16.7
7,714
8.8
4,226
1.9
4,385
Nebraska
57.0
36,002
48.3
7,550
28,452
39.6
17,864
17.4
10,588
4.1
8,016
Nevada
27.7
26,249
25.9
4,198
22,051
10.4
6,835
173
15,215
4.4
13,483
New
Hampshire
...............
13,13
9,387
13.0
1,677
7.710
9.9
5,610
3.7
2,100
1.3
3,547
New
Jersey
..
............
.............
141,7
89,787
128.0
11,902
77,885
97.3
49,331
44.4
28,554
11.6
29,223
New
Mexico
.
.....
14,6
11,530
13,0
3,168 8,362
9.2
4,736
5A
3,626
1.6
3,602
New
York
.
.............
326,5
245,727
280.1
24,810
220,917
2002
124,809
1263
96,108
38.1
109,525
North
Carolina
.............
71
~2
43,059
673
8,799
34,260
52.7
22,604
18.5
11,656
5.0
10,680
North
Dakota
.............
29.5
18,942
24.3
5,457
13,485
24.5
10,448
5.0
3,037
2.2
3,555
Ohio
....
.....
.
...
141.5
86,605
130.0 12,498
74,106
88
0
43,199
53.5
30,907
13,0
27,143
Oklahoma
72.8
5~1,997
59.5
9,121
45,876
48,6
29,341
24.2
16,535
T5
21,454
Oregon
..............
51.5
28,866
41.3
3,922
24,943
32.2
14,056
193
10,887
2.6
5,259
Pennsylvania
144.6
95,247
133.0
13,051
82,196
92.7
45,620
51.9
36.576
13.8
33,475
Rhodelsfiand
.........
.......
10.9
8,043
9.8
1,184
6,859
8.0
5,214
2.9
1,646
1.5
2,966
South
Carolina
. ..
.........
....
50.0
29,130
48.3
4,335
24,795
32.9
16,381
17,1
8,414
3.4
9,080
South Dakota
.............
19.4
10,407
17.7
3,207
7,200
15.6
5,379
3,13
1,821
1.0
1,645
Tennessee
.
.........................
61.5
38,146
58.8
5,839
32,306
41.9
20,777
19,6
11,530
7.2
13,677
Texas
.................
I 1 11
3415
266,266
323.0
39,344
226,921
167.1
102,056
1764
124,866
41.4
110,861
Utah
.......................................
24.0
16,431
21,0
2,782
13,649
13.4
8,723
10.6
4,927
3.4
6,688
Vermont
.......... .............
10.3
8,844
7.8
710
8,134
6.6
5,858
3.6
2,276
1.4
4,242
Virginia
...............................
89~9
60,632
79,9
7,464
53,168
61.8
34,707
28.1
18,462
8.0
25,067
Washington
............................
75.5
56,157
65~7
8,842
47,315
41
~8
29,089
33.8
18,226
7.7
17,931
West
Virginia
..................
10.6
7,449
10.0
1,949 5,499
8.1
4,041
2.5
1,458
0.8
1,320
Wisconsin
..........
77.6
45,672
69.2
8,954
36,718
63~7
27,781
13.9
8,937
5.5
11,381
Wyoming
14.1
10,716
12.1
1,811
8,904
11.1
6,264
3.0
2,641
2~5
4,590
Other
Areas
.
...
.........
.....
11.3
7,647
8.1
448
7,199
6.8
4,098
4.5
3,101
1~9
3,204
1
U.S.
citizens
domiciled
abroad.
Persons
who
acquired
U.S.
citizenship
solely
by
virtue
of
being
a
citizen
of
Puerto
Rico
or
the
Virgin
Islands
are
not
included.
NOTE:
Detail
may
not
add
to
totals
because
of
rounding.
Estimatesof
Personal
Wealth,
1982
Table
7B.-All
Top
Wealthholders
With
Gross
Assets
Greater
Than
$500,000,
by
State
of
Residence
[All
figures
are
estimates
based
on
estate
tax
return
samples-numbers
of
top
wealthholders
are
in
thousands,
money
amounts
are
in
millions
of
dollars]
45
S
t f
id
Number
of
l
h
Total
Debts
and
mortgages
Net
Men
Women
ta
e
o
res
ence
top
~ea
t
-
assets
mrth
holders
Number
Amount
Number
Net
"rth
Number
Not
worth
(1)
(2)
(3)
(4) (5) (6) (7)
(8) (9)
United
States,
total
2,233.1
2,464,225
2,033.2
399,206 2,065,019
1,40&7
1,187,818
824,5
877,201
Alabama
.............
._
.......................
23.6
25,467
22.1
3,021
22,445
16.4
14,266
7.1
8,180
Alaska
.......... .................... ..........
8.8
8.118
8.7
1,788
6,330
6.5
4,707
2.3
1,623
Arizona
.............
.__
...........
34,2
42,511
30.8
4,471
38,040
19.5
14,618
14.7
23,422
Arkansas
__
...................
20.8
21,232
17.9
3,828
17,404
14.0
9,322
6.8
8,082
California
......................
............
380~7
487,466
337.6
79,958
407,508
183.6
178,613
197.1
228,895
Colorado
....
...............
_
..........
__
44.5
56,727
38.6
13,663 43,064
26.9
28,989
17.6
14,075
Connecticut
................ ............
40,6
43,536
3&9
3,844
39,693
22.6
18,177
18A
21,516
Delaware
...............
...
4.4
5.181
4.1
1,151
4,030
3.7
3,371
0,6
659
Florida
..........
..............................
154~O
182,854
137A
29,875
152,979
98.0
93,870
56,0
59,109
Georgia
...........
42~O
43,633
37.3
7,309
36,324
31.2
24,746
10.8
11,578
Hawaii
.. ......
...............
............
8.7
10,864
8.0
2,919 7,946
6.0
5,655
2.7
2,290
Idaho
............
__
10.6
8,448
10.2
2,393
6,054
52
2,794
5.4
3,260
Illinois
...........
............
.....................
11&8
116,416
107,2
22,642 93,775
83.3
64,286
33.5
29,488
Indiana
.............
__
..................
362
33.484
30.4
7,088
26,395
22.4
18,322
13.8
8,073
Iowa.....
......
....................
41,7
36,373
38.6
9,404
26,969
32~O
18,360
9.7
8,609
Kansas.
...
~ ~ ~
_
~.. ~..
~
..................
__
30,2
30,476
26.1
4,024
26,452
19,7
18,651
10~5
7,801
Kentucky..
..........
222
22,945
21.9
3,647
19,299
15.6
12,533
6.6
6,766
Louisiana
.......... ...............
37.5
39,405
36.5
7,566
31,839
21.4
17,589
16.2
14,250
Maine
__
.............
...............
T8
8,525
7.0
2,068
6,457
4.6
3,785
32
2,672
Maryland
(includes
District
of
Columbia...
...........................
45.5
51,609
41.5
6,400
45,209
32.7
29,278
128
15,931
Massachusetts
...
..........
44.4
42,630
42.7
4,489
38,141
26.7
22,255
17,7
15,886
Michigan
.........
...............
50.7
48,945
46.4
5,409
43,535
36.9
29,192
13,8
14,343
Minnesota
...................
_
_
41.1
40,631
38.5
9,134
31,497
34.4
24,303
6.7
7,194
Mississippi_
.....................................
14.5
11,705
132
2,437
9,268
12.1
7,243
2.4
2,025
Missouri
.......................
................
41.6
43,135
36.0
6,127
37,008
32.3
24,611
9.3
12,397
Montana
.................
....
14.3
13,092
12.2
4,139
8,954
8.5
5,540
5.8
3,414
Nebraska
...............................
30.1
25,718
27.2
6,315
19,403
210
12,372
7.1
7,031
Nevada
...................................
12Z
20,459
12.0
2,849
17,610
6.3
6,088
6.2
11,522
New
Hampshire
_
....................
T3
7,810
6.9
1,352
6,459
4~6
4,713
2.8
1,745
New
Jersey....
..................................
64.4
64,707
58.1
9,492
55,215
46.4
36,296
18.0
18,919
New
Mexico
...............
............
7~8
9,106
7.0
2,690
6,416
5.4
3,702
2.5
2,714
New
York
151.3
187,963
136.6
18,802
169,161
98.5
97,467
52.8
71,693
North
Carolina
.........................
37.0
31,777
35.5
7,067
24,710
28.0
16,640
9,0
8,070
North
Dakota
...............
16.9
14,284
14.8
4,862 9,421
15.2
7,397
1,7
2,024
Ohio
......................
..........
63.5
61,322
59.8
9,376
51,946
43.5
32,382
20.0
19,564
Oklahoma
.__
........................
36.8
43,270
30.0
7,727
35,543
25.4
23,870
11.4
11,673
Oregon
..............................
........
24.3
19.488
21.7
2,933 16,555
13.0
8,482
11.3
8,074
Pennsylvania
...........
............. ..........
73.6
72,848
70.7
10,513
62,335
43.8
33,767
29.8
28,568
Rhode
Island..
..................................
5.5
6,287
5.4
1,014
5,273
4.3
4,307
1.2
966
South
Carolina
.................. ..........
20.0
20,329
19.5
3,105 17,224
13.3
12,258
6.7
4,965
South
Dakota
.................
___
...........
8.7
6,711
8.2
2,430 4,281
6.7
3,126
1.9
1,155
Tennessee...
...............
27.4
27,277
25.8
4,524
22,753
17.9
14,730
9.5
8,022
Texas
................................................
175.9
209,965
168.0
30,965
179,000
91.5
82,461
84.4
96,539
Utah
.................................................
11.0
12,033
9.4
1,853
10,180
7.1
7,266
3.9
2,914
Vermont
............................................
5.1
6,972
4.9
575
6,397
15
4,986
1.6
1,412
Virginia
...........................................
_
41.5
45,503
37.7
5,039
40,464
30.2
27,321
11.3
13,143
Washington
..........................
..........
377
41,904
k.4
6,738
35,166
21.9
23,082
15.8
12,084
West
Virginia
....................................
7.2
6,312
6.7
1,600
4,713
5.4
3,475
1.8
1,238
Wisconsin
.............. ..............
...........
35.9
32,131
33.9
6,975
25,156
28.1
18,313
7.8
6,843
Wyoming
.........................
...........
7.0
8,409
6.4
1,337
7,073
5.2
4,861
1,8
2,211
Other
Areas'
........................... ........
1
7.3
6,232
5.2
281
5,951
4.2
3,376
11
2,575
Footnotes
at
end
of
table,
46
Estimates
of
Personal
Wealth,
1982
Table
7B-All
Top
Wealthholders
With
Gross
Assets
Greater
Than $500,000,
by
State
of
Residence-Continued
[All
figures
are
estimates
based
on
estate
tax
return
sampIM-numbers
of
top
wealthholders
are
in
thousands;
all
money
amounts
are
in
millions
of
dollars]
Selected
assets
State
of
residence
Cash
Corporate
stock
Bonds
Real
estate
Nonwrporate
business
assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(10) (11) (12) (13)
(14)
(15)
(16) (17) (18)
(19)
United
States,
total
...............
2,178.0
205,960
1,842.9
737,964
980.7
173.635
2.074.3
800,391
971.8
191,128
Alabama
............
23.1
1,687
19.9
6,767
11.2
1,381
23.0
8.302
10.8
1,845
Alaska
..........
&8
577
5.2
1,765
1.4
98
8.5
3,733
5.9
1,021
Arizona
.............
......
32.9
2,470
28.1
18,172
13.6
1,954
32.4
11,999
16.7
2,735
Arkansas
.............
.......
20.3
2,452
16.4
4,193
8.5
3,375
19.3
6,504
9.8
1,247
California
................
...............
370.3
33,905
301
~2
123.506
146.6
23,706
363.4
202,568
174.6
45,124
Colorado
...............................
44.3
4,092
36.0
14.768
17.5
2,676
41.2
20,600
21.7
7,597
Connecticut
...................
38,9
4,007
35.1
17.536
22.4
4,116
34.8
11,014
9.8
1,011
Delaware
............ ......
4.2
570
19
1,712
1.9
387
4.2
1,352
1.8
545
Florida
...........
149.8
15,824
125.5
52,078
77.1
21,148
143.4
57,377
49.7
10,049
Georgia
................
40,8
3,100
35~6
14,390
15.8
1,730
39.1
13,880
15.7
2,770
Hawaii.....
8.4
501
7.2
2.376
3.0
899
&5
5,840
3,5
467
Idaho...
9.6
662
6.6
1,081
2.7
328
10.0
3,819
7.8
1,048
Illinois
.
.......... ....
114.6
11,856
100.2
34,443
55.6
9,115
107A
34.590
47.0
8,182
Indiana
............... .........
...
..........
35.5
2,834
27A
10,818
14.3
2,430
35.0
11,722
13,9
1,776
Iowa
..
..........
...................
40.8
2,178
36.5
8,309
16.0
1,435
39.0
15,328
28.1
4.497
Kansas
29.4
2,933
24~9
9,045
13.9
2,282
28.5
9,832
18,8
2,790
Kentucky
......
21,8
2,120
19~9
9.293
132
1,790
21.1
6,611
102
800
Louisiana...
.....
....... ..............
36.6
3,197
319
11,425
18.8
2,414
35.9
14,440
15.2
2,202
Maine...
....
......
....... ..............
7.8
719
7~5
3,723
3A
449
7.2
1,564
2.1
657
Maryland
(includes
District
of
Columbia
..................
......
.
44.8
4,136
40~2
14,125
24,0
3,635
413
15,067
15.9
4.164
Massachusetts
...
.
.......
...............
44.1
4,253
3&9
16,696
24Z
4,764
39,8
9,443
10.3
1,368
Michigan
. ...
............ .................
48.9
5,188
41
~2
17,481
23.1
3,891
45,6
10,792
21.6
3,861
Minnesota
.....
.....
................
...
39.9
2,342
331
10,738
15.6
1,833
39.8
16,801
23~9
4,357
Mississippi
.....
...........................
14.1
1,147
11
~5
2,436
6.2
587
13.6
4,024
5~7
1,165
Missouri
............
...........
40.0
2,993
33.7
16,766
17~9
3,769
36.8
10,761
20~O
2,495
Montana
..............
....
.........
14.2
1.064
9A
2,312
5.1
357
13.7
5.695
7.6
'
1,232
Nebraska
.
_
28.9
1,830
223
4,701
10,8
1,207
29.6
11,514
22
A
3,569
Nevada
..... .....
....
.......
12.4
2.270
10.1
5,569
4,9
1,866
11.9
7,478
7.3
876
New
Hampshire
..........
.........
...
73
943
5.7
3,104
3.4
703
6,0
1,793
1.3
100
New
Jersey
.......
........
...
....
...
62,6
6,280
.55.8
24,661
36.8
7,282
60.3
15,794
19.6
3,157
New
Mexico
7,7
656
5.5
2,066
2.9
273
T8
2,820
3.9
346
New
York
......
.........
..
145,6
19,107
132.8
69,276
877
23,036
119~2
35,114
45.7
13,119
North
Carolina
...........................
36,1
2,850
32.4
10,063
15.9
1,703
36,0
11,257
14.2
1,664
North
Dakota
...
......
.............
....
15,7
768
11.9
1,373
5,0
140
16.6
6,957
122
2,569
Ohio
................
.....
621
5,875
56.2
23,705
26,6
3,542
57,2
15,528
22.8
3,060
Oklahoma
.......... ...... ............
352
4,498
27~2
13,870
107
1,655
34A
12,859
16.4
3,516
Oregon
............
.........
...
24.1
1,875
17.5
4,271
7,81
1,104
23.2
6,800
11,9
1,828
Pennsylvania
73.3
6,753
66,5
28,220
413
7,224
67~
1
16,861
21.6
3,818
Rhode
Island
5.4
566
4,9
2,581
42
714
5.0
1,656
12
88
South
Carolina
......
.....
.....
.......
19~7
1,866
17.1
7,483
9A
931
18.2
5,595
7,5
~1,147
South Dakota
..........
7.7
468
5.6
1,196
2.6
139
8.6
2,687
&7
1,591
Tennessee
..........
26.5
2.883
216
8,376
12.2
1,484
27.3
7,771
121
1,597
Texas
...... ..........
174.3
18,229
147.1
52,981
60,8
9,887
171.1
73,518
101,0
19,877
Utah
....
...
...........
.....
....
.........
10.9
705
7~6
3,780
3.6
551
9.6
4,127
5.6
871
Vermont
...
.....
.....
............
5.1
398
4.9
3,721
32
783
4.9
1,226
3~O
134
Virginia
.........
...... ......
..............
40.9
3,143
352
14,323
19.2
2,664
38.4
12,776
160
4,326
Washington
.....
... ...
37.6
2,922
30.4
9,719
16.1
3,051
36.1
16,626
21
~6
4,166
West
Virginia
7.0
-
664
6.5
2,612
2.9
256
7.1
1,616
Z6
331
Wisconsin
........
............
........
....
34.2
2,023
28.4
10,339
14.0
1,705
34.7
10,170
20.6
3,208
Wyoming
...
.......................
7.0
1,019
5.1
1,731
1~9
399
6.7
3,168
3.8
-
572
Other
Areas'
...
----
I..
~.
7.1
565
5.6
2,291
3.2
786
5.1
1,024
2.6
593
Estimate
should
be
used
with
caution
because
of
the
small
number
of
sample
estate
tax
returns
on
which
it
is
based.
U.S
citizens
domiciled abroad.
Persons
who
acquired
U,S,
citizenship
solely
by
virtue
of
being
a
citizen
of
Puerto
Rico
or
the
Virgin
Islands
are
not included.
NOTE
Delail
may
not
add
to
totals
because
of
rounding.
