Average capital gains of the top 5% of the income distribution and the S&P 500 composite price index, 1979–2011
Note: Income distribution is for tax units. A tax unit consists of the people represented on a single tax return. Shaded areas denote recessions.
Source: Authors' analysis of Piketty and Saez (2012, Table A-6 and A-8) and Shiller (2012)