Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
America’s Middle Class: Poorer Than You Think
Americans, meanwhile, are having trouble building wealth because wages have stagnated for more than a decade. Median household income was $51,017 in 2012, compared to $56,080 in 1999, according to the Census Bureau’s most recent statistics.
In The US, The Wealthiest 1% captured 95% Of Post-Financial Crisis Growth Since 2009, While The Bottom 90% Became Poorer!
The 85 Richest People In The World Have As Much Wealth As The 3.5 Billion Poorest
As the World Economic Forum begins in Davos, Switzerland, Oxfam International has released a new report called, “Working for the Few,” that contains some startling statistics on what it calls the “growing tide of inequality.”
The report states:
-Almost half of the world’s wealth is now owned by just one percent of the population.
-The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
-The bottom half of the world’s population owns the same as the richest 85 people in the world.
-Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
-The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
-In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.