I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at wealth workers. Mike, the job market is constantly in a state of flux. Some existing jobs are always being cut, while new kinds of jobs appear. I hear one of those new categories of jobs is termed “wealth workers.” The term sounds intriguing. What do wealth workers do?
- They work for wealthy people doing a variety of tasks
- Food prep, shopping, caring for children, personal trainers, landscapers, etc.
- So many different tasks, but what groups them together is they are being performed for rich clients
- The workers will specialize in certain task, and will usually be self employed
- Annual salary can be in the mid five figures
- Why is this a growing type of employment – because the number of households in the upper part of the income distribution is fast growing
- Time is the big constraint for these folks, so are willing to hire out for many day to day tasks
- Doesn’t mean clients can’t do the tasks – but their time is better used elsewhere
- I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.