Income Inequality in the US Sees Slight Improvement in 2016-2019
According to the Fed's latest Survey of Consumer Finances, income inequality experienced a slight narrowing during the first three years
According to the Fed’s latest Survey of Consumer Finances, income inequality experienced a slight narrowing during the first three years since US President Donald Trump came to power. A rise in wages and reduction in unemployment helped empower low income and less educated households during this period.
However, wealth inequality remained almost the same in 2019 as in 2016, with the top 10% of families holding around 71% of family wealth in the country. However, there appears to be a pause in the long term trend of wealth and income remaining concentrated in the top tier exclusively.
Without taking the richest 1% into account, average household income registered a rise of 3.1% from 2016 until 2019. In addition, families in the 25th-50th quartile saw their wealth grow by 36% during this period while the bottom quartile also saw a rise in their net worth.
Black and Hispanic families experienced a higher rate of gain in their wealth when compared to white families. The median increase in net worth of Black Hispanic and white families stood at 33%, 65% and 3% respectively.
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