Income Gap Widens As Top 400 Get Richer
| 06:22:00 |
According to Forbes latest list of the 400 wealthiest Americans, the wealth of the super-rich has grown during the last year. In the meantime, as the wealthy get wealthier, the middle class continues to shrink, widening yet more the gap between the wealthy and the poor.
Where have the wealthy been?
There was a 13 percent boost in the net worth of the 400 wealthiest people in the country over the last year, a rise of $1.7 trillion, according to Forbes. NBC News explained that the 400 people make up about 12.5 percent of the nation.
The average net worth per person in the 400 is higher than it has ever been at $4.2 billion.
Stock growth and a rebounding real estate market made it so 261 of the 400 reported their income increasing for a year.
Same people as always
The names of the prosperous are just as expected. Bill Gates, Buffett, Larry Ellison, Charles and Koch (tied for fourth) and Christie Walton are the top five people just like they were in 2011, though there was a rise in net worth.
Bill Gates, chairman of Microsoft, has headed the list for the last 19 years. He saw his worth grow by $7 billion to $66 billion. Warren Buffett of Berkshire Hathaway, saw his worth rise by $7 billion. Larry Ellison, head of Oracle Corp, got the largest raise, however, with an increase of $8 billion.
Minority report
Mark Zuckerberg lost about half of his net worth when Facebook went public this year, so his net worth is only $9.4 billion this year. That is one big exception the increasing.
Much bigger gap
In a separate study last week, the Economic Policy Institute found that the gap between the richest Americans and the average family has more than doubled in the last half-century. According to the report, the country's top one percent of earners made about 125 times that of a middle-income household in 1961. In 2010, it had escalated to a ratio of 288 to one.
The worth of the wealthy is increasing in spite of the fact that most Americans are seeing decreases in wealth lately.
While the trend has been active for decades, the Economic Policy Institute report noted that the gap has widened at a more rapid pace since the Good Recession.
Where have the wealthy been?
There was a 13 percent boost in the net worth of the 400 wealthiest people in the country over the last year, a rise of $1.7 trillion, according to Forbes. NBC News explained that the 400 people make up about 12.5 percent of the nation.
The average net worth per person in the 400 is higher than it has ever been at $4.2 billion.
Stock growth and a rebounding real estate market made it so 261 of the 400 reported their income increasing for a year.
Same people as always
The names of the prosperous are just as expected. Bill Gates, Buffett, Larry Ellison, Charles and Koch (tied for fourth) and Christie Walton are the top five people just like they were in 2011, though there was a rise in net worth.
Bill Gates, chairman of Microsoft, has headed the list for the last 19 years. He saw his worth grow by $7 billion to $66 billion. Warren Buffett of Berkshire Hathaway, saw his worth rise by $7 billion. Larry Ellison, head of Oracle Corp, got the largest raise, however, with an increase of $8 billion.
Minority report
Mark Zuckerberg lost about half of his net worth when Facebook went public this year, so his net worth is only $9.4 billion this year. That is one big exception the increasing.
Much bigger gap
In a separate study last week, the Economic Policy Institute found that the gap between the richest Americans and the average family has more than doubled in the last half-century. According to the report, the country's top one percent of earners made about 125 times that of a middle-income household in 1961. In 2010, it had escalated to a ratio of 288 to one.
The worth of the wealthy is increasing in spite of the fact that most Americans are seeing decreases in wealth lately.
While the trend has been active for decades, the Economic Policy Institute report noted that the gap has widened at a more rapid pace since the Good Recession.
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