The wealthy are 288 times richer than you
Wealthiest Americans have 288 times net worth of typical family.
September 11th, 2012
12:30 PM ET

The wealthy are 288 times richer than you

By Tami Luhby, @CNNMoney

NEW YORK (CNNMoney) - The wealth gap between the richest Americans and the typical family more than doubled over the past 50 years.

In 1962, the top 1% had 125 times the net worth of the median household. That shot up to 288 times by 2010, according to a new report by the left-leaning Economic Policy Institute.

That trend is happening for two reasons: Not only are the rich getting richer, but the middle class is also getting poorer.

Most Americans below the upper echelon have suffered a decline in wealth in recent decades. The median household saw its net worth drop to $57,000 in 2010, down from $73,000 in 1983. It would have been $119,000 had wealth grown equally across households.

The top 1%, on the other hand, saw their average wealth grow to $16.4 million, up from $9.6 million in 1983. This is due in large part to the growing income inequality divide, as well as the sharp rise in value of stocks over the period.

Net worth counts all assets including real estate holdings, minus debts.

Read the full story at CNNMoney

Posted by
Filed under: Economy • History • How we live • Who we are
soundoff (7 Responses)
  1. Angel

    Certainly in the last election they were. They went from being 51-49 Bush settas to 55-45 Obama settas in the course of four years. Again, this year was a big Democratic year, Bush was unpopular, the turning of the economy helped the Democrats, and the Republicans really turned away Hispanic voters, rather than try to court them, as the Bush campaign did rather successfully in 2004. How long this will hold? Hard to say, a lot of factors will be at play. But, the Democrats are doing well right now in the Rocky Mountain West, that is a big political success for them.

    October 13, 2012 at 7:30 pm | Report abuse |
  2. Camp

    Good for them. I'm happy for their success. Why shouldn't I be. They didn't take a dime from me I didn't give willingly. However, I can think of a few tax dollars I would like back, for a bunch of stupid stuff the government spent my redistribution contribution dollars, on.

    September 11, 2012 at 6:15 pm | Report abuse |
  3. Ovid's Ghost

    Absurd and ridiculous. The median household income has dropped because the median household is smaller because people have had fewer children since the 1960s.

    September 11, 2012 at 6:08 pm | Report abuse |
  4. jspareme

    And so who cares – other than the obamas

    September 11, 2012 at 2:35 pm | Report abuse |
  5. Stars 85

    I liked the Muslims with Dogs link!

    I did not read all the comments, but I got the gist of what people commenting here think for the most part. What I would like to know is how do I reach out to the Muslim community in my city? I often wonder why it seems like the Muslim community who lives here does not seem to want to be a part of the larger community they live in. But maybe they do, and they just don't know how to reach out to that larger community. What are some ways in which Muslims and the non-Muslim community can get to know one another? How does something like this get started? And for those who would comment sarcastically, that's not really what I'm interested in. The Muslims (for the most part) who live in my city have been in refugee camps, so I think it is even harder for them to reach out to anyone.

    September 11, 2012 at 1:34 pm | Report abuse |
    • AppliedLogic

      Visit your local Church, Synagogue, or Mosques and they should be able to tell you about the Interfaith programs they're involved in.

      September 11, 2012 at 2:00 pm | Report abuse |
  6. Wesb

    The premiss to the statement of this article is totally false since I have less than zero and to multiply that cannot be quantified. I am poor and happily living my final days in poverty.

    September 11, 2012 at 1:02 pm | Report abuse |