Business owners in 2019 are expected to have a higher income than ever before, according to new data from the U.S. Bureau of Labor Statistics (BLS).
The Bureau of Economic Analysis (BEA) data shows that median annual earnings for business operators increased by an average of 3.6 percent from a year earlier to $47,900 in 2019.
This is up nearly 9 percent from $47.6 million in 2018, which is about $7,400 higher than the average earnings for workers in the private sector.
The biggest jump in median annual income was seen among the bottom half of earners, who saw an average increase of 6.4 percent.
Business owners also saw their share of total U.N. contributions rise from 27 percent in 2019 to 32 percent in 2020, while the United States’ share of the world’s humanitarian aid budget increased from $17.4 billion to $19.5 billion.
The overall growth in the median income for business business owners is driven by the rise in average hourly earnings, as well as the increase in median wages for workers, as more businesses have started to increase wages and benefits, the BEA report notes.
Average hourly earnings for all workers rose to $26.43 in 2019, up 1.4 percentage points from the previous year.
The most common occupations for business owner workers in 2019 were office and administrative support, transportation, and professional services, the report shows.
Business owner earnings also increased for employees in all other occupations, which was the case for the majority of employees.
The BEA reported that the average hourly wage for all employees in 2019 was $21.70.
The median annual salary for all full-time employees in 2018 was $39,900, up 3.5 percent from the year before.
The increase in the average annual salary reflects the increase from 2018 in total compensation.
The average annual compensation for full-timers was $31,500 in 2019 compared to $30,900 a year ago.
Average annual income for employees was up 0.9 percent from 2018, while for business managers, wages were up 3 percent.
Average wages for all other workers were up 0 .9 percent.
The growth in median incomes is driven in part by an increase in earnings for the middle- and low-income groups.
Average earnings for employees earning less than $20,000 a year fell 0.7 percent from 2019 to $23,300, but average earnings of the middle class increased 4.9 to $40,400, the BLS report found.
Average income for low-wage workers was up 1 percent from 2014 to $29,400 in 2019 and the average income for the top 1 percent rose 2.9 points to $77,000.
The middle class experienced a 2.7-percent increase in average earnings from 2018 to 2019, the largest gain in a decade.
The highest-income workers saw a 3.3-percent decrease in their income from 2018 through 2019.
The top 1% saw an increase of 8.3 percent, while median income of the top 0.1 percent increased by 1.5 percentage points.
Average compensation for business-owners rose 7.1 points from 2018-19 to 2019-20.
The BLS also reported that median income in 2019 rose by 0.4 cents to $42,600, which represented a gain of $1.1 trillion.
Median hourly wages for business office and related occupations grew 2.5 points from a decade earlier to now, while average hourly wages in other business and service occupations fell 0 .7 percent.
In 2018, the average weekly wages of business employees was $14.55, up 5.5 cents from the same time last year.
Average weekly earnings of business owners increased by 5.3 cents from 2018.
In 2019, employees earning $40 to $70,000 per year experienced the largest increase in their weekly wages, which increased by $3.6 billion.
Median weekly earnings for full time workers were $22,000, up 2.6 cents from last year, and the median weekly wages for those earning less $20 to $50,000 were up 2 percent from last years.
In contrast, median hourly wages were down 1.1 cents from a century ago, with hourly earnings of full time employees increasing 1.9 cents.
Business income was up 3 cents for all businesses, and median income increased by 2.1% for all wage earners.
Median income for those in the lowest income bracket increased by only 0.2 percentage points, the highest percentage increase for all income groups.
Median incomes for those making less than the poverty line increased by 3.7 percentage points in 2019-19, but for those at the highest income level they rose by 2 percentage points to an average income of $49,000 in 2019 from $44,500 a year previously.
Median earnings for those with a high school education or less increased by