Jewish American History - Rise To Affluence in The 20th Century

Rise To Affluence in The 20th Century

During the 20th century, Jews in America joined the middle class, and towards the end of the 20th century, became relatively wealthy. Although not all Jewish Americans are wealthy, which is somewhat became a stereotype, the majority of American Jews are in a good socioeconomic status position.

In 1983, economist Thomas Sowell of Stanford University wrote "Jewish family incomes are the highest of any large ethnic group in the US - 72% above the national average." Sowell points out that Episcopalians have also experienced similar prosperity - as a group - as Jews, but it is the "social and economic distance covered in a relatively short time" that makes the Jewish experience in America unique.

Gerald Krefetz discusses the prosperity that Jews earned in the United States following their emigration from Europe in the 19th and 20h centuries, and he attributes their success to their familiarity with "trading and exchanging, commerce, city living, property rights, ... and accumulation of funds for future investment ... "

Historian Edward Shapiro cites a Forbes magazine survey from the 1980s, which showed that, of the 400 richest Americans, over 100 were Jewish, which was nine times greater than would be expected based on the overall population. Shapiro also estimates that over 30% of American billionaires are Jewish, and he cites a 1986 issue of Financial World that listed the top 100 money makers in 1985, and "half the people mentioned" were Jewish, including George Soros, Asher Edelman, Michael Milkin, and Ivan Boesky.

Gerald Krefetz writes "hether it is called intestinal fortitude, operation bootstrap, moxie, social striving ,or upward mobility, American Jews have fought mightily for financial security... As a group Jews have attained a higher standard of living and earn more money than any other religious group in the United States... Jews are the richest of the rich".