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. Large-scale batteries are integral in shift to renewable energy
  2. Plastics, tech sectors crucial to cracker plants
  3. Energy Spotlight: Steve Anthos
  4. Open enrollment puts varied impact of health care law back in focus
  5. Without pipelines, gas can’t get to demand
  6. Universal theme park swings into Beijing
  7. ‘Foodies’ get fill in Western Pa. as groceries hire chefs to offer tips
  8. Neiman Marcus sells fantasy
  9. Mortgage in reach despite few dings
  10. PNC posts higher 3Q profit despite lower revenue
  11. Student loan debt presents paradox
Subscribe today! Click here for our subscription offers.