The Financial Times May 2012
With flash, hip-hop echoes rock’s golden age.
When rock was at its peak in 1972, Americans earning the equivalent of $1m a year took just over 1 per cent of national income. In 2010, this group’s share of national income had grown to almost 10 per cent. At the same time, the average tax paid by these top earners almost halved. The rise of Jay-Z’s “new black elite” reflects the growth in numbers of the super-wealthy. But the opulence that he and West flaunt also reflects the growing estrangement of those at the top from the rest.