Monday, October 20, 2014

Janet Yellen provides some numbers of inequality in America

From a speech at the Boston Fed:
“The wealthiest 5 percent of American households held 54 percent of all wealth reported in the 1989 survey. Their share rose to 61 percent in 2010 and reached 63 percent in 2013;"
“The lower half of households by wealth, held just 3 percent of wealth in 1989 and only 1 percent in 2013. To put that in perspective…the average net worth of the lower half of the distribution, representing 62 million households, was $11,000 in 2013.”
“This $11,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.”
A “major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions…the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013…”

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