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'Super Rich' Control Misstated by Study

August 22, 1986|Associated Press

WASHINGTON — America's "super rich" are not as well off as first thought, the congressional Joint Economic Committee said Thursday.

Last month, the committee issued a report, which was carried in The Times, saying that one-half of 1% of the population--420,000 households--controlled 35% of the nation's net worth in 1983, up from 25% two decades earlier.

The committee said Thursday, however, that the holdings of the "super rich" actually stood at 26.9% of net worth in 1983. The panel blamed the discrepancy on an error in figures from the Federal Reserve Board.

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