In 1845 the richest 4 percent of population of new york city owned how much of the city's individual wealth

Question

History

Piper Andrews

7 July, 16:18

In 1845 the richest 4 percent of population of new york city owned how much of the city's individual wealth

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Answers (2)

Know the Answer?

Banjo · Answer 1

I believe the answer is: 80%

At that time, there was no regulation regarding minimum wages, which make business owners able to obtain more profit by reducing the salary of the workers. The number has came down ever since but the gap is still particularly high now (10% of the richest owned more than 40%)

Green Giant · Answer 2

In 1885 averagely in 1845 four percent of the American population of New York City controlled approximately 90% of the wealth. This had increased steadily from the previous century where by, in the late seventeenth century, the richest 5 percent of Bostonians owned about one third of the city's wealth. But by 1770, this class of people had increased this value and they were owning one-half og the city's wealth!