The Economic Perspective: “Wealth Workers”

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?

  1. They work for wealthy people doing a variety of tasks
  2. Food prep, shopping, caring for children, personal trainers, landscapers, etc.
  3. So many different tasks, but what groups them together is they are being performed for rich clients
  4. The workers will specialize in certain task, and will usually be self employed
  5. Annual salary can be in the mid five figures
  6. Why is this a growing type of employment – because the number of households in the upper part of the income distribution is fast growing
  7. Time is the big constraint for these folks, so are willing to hire out for many day to day tasks
  8. Doesn’t mean clients can’t do the tasks – but their time is better used elsewhere
  9. 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.