Households in Bottom 60%
Saw Net Worth Decrease
Median net worth for the wealthiest 40% of American households increased between 2000 and 2011, while the net worth for the bottom 60% decreased, according to new statistics released last week by the U.S. Census Bureau.
This decrease will have an impact on low-income and very low-income households who already face a housing cost burden.
The result is a widening wealth gap, according to Distribution of Household Wealth in the U.S.: 2000 to 2011.
The report found that:
- Median household net worth decreased by $5,124 for households in the bottom net worth quintile (the poorest households) and increased by $61,379 (10.8%) for those in the highest quintile.
- Median net worth of households in the highest quintile was 39.8 times higher than the second lowest quintile in 2000, and it rose to 86.8 times higher in 2011. And
- In the northeast, the growth in wealth disparity was even more pronounced: in 2000 ,the median net worth of households in the highest quintile was 40 times that of the second lowest quintile, but rose to 102 times higher in 2011.
Click here for the Census Bureau report.