By Annie Lowery
New York Times
October 15, 2013
FOR most Americans, the economy over the last 10 years has felt like a slog interrupted by a punch: the recession came amid years of stagnation. But for America’s top earners, the experience has been more like whiplash: a boom followed by a bust followed by a boom.
Call it the 1 percent boomerang. The country’s top earners lost huge sums during the recession, as housing values plummeted and the stock market crashed. But the recovery has restored those fortunes — and then some, for some people — and created tremendous new ones.
The trend starts with the merely quite well-off, households earning more than about $150,000 a year. And the sums become more exaggerated higher up the income scale.
Click the link to read the entire article which includes multiple quotes from Milton Pedraza, CEO of Luxury Institute: http://www.nytimes.com/2013/10/16/your-money/top-earners-recover-their-losses-and-then-some.html