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Study: Wealth gap widened in past decade

NEW YORK — A report from the Census Bureau is the latest evidence that the rich are getting richer while the poor are getting poorer.

The study released Thursday divided the U.S. into five groups, from wealthiest to poorest. The median net worth of the richest households rose 11 percent from 2000 to 2011, to $630,754. The net worth for the second-highest 20 percent also rose.

But because wealth dropped for the majority of Americans, the median household net worth for the country overall declined about 7 percent, to $68,828.

A rebound in the stock market and rising home values after the housing bust helped richer Americans regain their wealth since the recession, which began in December 2007 and ended in June 2009.

But the bottom 20 percent owed more than they had and were worse off in 2011 than they were in 2000. In 2011, the median net worth of the poorest Americans was negative $6,029, compared with negative $905 a decade before.

There was also disparity between races and ages. The median net worth for whites overall rose between 2000 and 2011 but fell for blacks and Hispanics, the Census Bureau said.

For those under 55 years old, median net worth fell. Median net worth rose for people 65 and older, and there was almost no change for those between 55 and 64.

The report was compiled using surveys done by the Census Bureau. It included net worth based on stocks, money in the bank, home values, retirement accounts and other assets in its measurement of net worth. It also took into account debts, such as home mortgages, car loans, credit cards and student loans.

By the numbers

Change in net worth for U.S. households from 2000-11, according to the Census Bureau:

Top 20 percent

$630,754

up 11 percent

Median U.S. household

$68,828

down 7 percent

Bottom 20 percent

– $6,029

compared with – $905 in 2000

Study: Wealth gap widened in past decade 08/21/14 [Last modified: Thursday, August 21, 2014 9:42pm]
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