How the rich got RICHER during the economic recovery – while the other 93 percent became worse off

•    Average net worth of households in the upper 7 percent rose by an estimated 28 percent
•    Households in the lower 93 percent dropped by 4 percent
•    Reason found: Affluent households typically own stocks and other financial holdings that increased in value
•    Less wealthy tend to have more of their assets in their homes which haven’t rebounded in value
The richest Americans got richer during the first two years of the economic recovery while the average net worth declined for the other 93 percent of U.S. households, a report released on Tuesday finds. The upper 7 percent of households owned 63 percent of the nation’s total household wealth in 2011, up from 56 percent in 2009 according to the report from the Pew Research Center using last month’s Census Bureau data. The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, according to thereport.more

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s