TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Report: Richest 7% richer in recovery

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Wednesday, April 24, 2013, 12:01 a.m.
 

The richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of households, saida report released Tuesday.

The upper 7 percent of households owned 63 percent of the nation's total household wealth in 2011, up from 56 percent in 2009, said the report from the Pew Research Center, which analyzed new Census Bureau data released last month.

The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven't rebounded.

from the plunge in home values, the report said.

Tuesday's report is the latest to point up financial inequality that has been growing among Americans for decades, a development that helped fuel the Occupy Wall Street protests.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Amusement parks fight off home entertainment threat
  2. BNY Mellon trader fired in conduct probe
  3. Caution creeps into economic picture as consumer, business spending taper
  4. S&P 500 logs 47th record high close for year
  5. State officials prompt UPMC, Highmark to go to mediation to resolve Medicare dispute
  6. Lower gasoline prices fail to spur consumer spending
  7. Federal agency checking whether Highmark has enough doctors in Medicare plan
  8. Axed contracts push doctors from network, UPMC says
  9. Westinghouse to construct colossal nuke plant in Turkey
  10. Small retailers at intersection of social networks, foot traffic
  11. Retailers that won’t open on Thanksgiving hope move pays off
Subscribe today! Click here for our subscription offers.