Survey Finds Wealth Gap Widened Since 2013

By:
Chris Gaetano
Published Date:
Nov 6, 2017
PayScale

The result of a recent survey conducted by the Federal Reserve has found that the gulf between the wealthy and everyone else has widened even further since 2013, the last time the poll was taken, according to CNN Money. It found that median household net worth increased 16 percent overall. However, broken down by income brackets, the data shows that the top 10 percent of earners had their net worth increase by 40 percent over the same period of time. To contextualize, the median upper-income family holds 75 times the wealth of a median low-income family; in 2007, the top earners were worth 40 times as much, and in 1989 it was 28 times, according to CNN Money. 

Meanwhile, wage growth continues to be sluggish, according to another piece on CNN Money. It said that average hourly earnings increased 2.4 percent over the past year, lower than the 2.9 percent increase in September, both of which are still lower than the 3 percent to 3.5 percent that is generally understood to be normal wage growth in a health economy. The last time this occurred was April 2009, right after the global economic crisis. 

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