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For Once, Super-Rich Not Getting Richer

Recession halts 30-year rise of the super-wealthy

By Kevin Spak, Newser Staff

Posted Aug 21, 2009 9:25 AM CDT

(Newser) – Since the 1970s, the rich have been getting richer with stunning consistency, but now, thanks to the recession, that decades-long run has hit a wall, the New York Times reports. Wall Street pay is indeed returning to normal, but for every investment banker who’s... Read full story »

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ultra rich • recession • rich • income disparity • income gap

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Census Finds Record Gap Between Rich and Poor

Young people hit hardest

(AP) - The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession. The top-earning 20% of Americans—those making more than $100,000 each year—received 49.4% of all income generated in the US, compared with the 3.4% earned by those below the poverty line, according to newly released Census figures. More»

Paycheck Data Dismal in 2010

...Unless you were a millionaire

(NEWSER) - The Social Security Administration quietly released payroll data for 2010 yesterday, and they were “in a word, awful,” writes David Cay Johnston at Reuters —assuming you’re not a millionaire, that is. The number of people making at least $1 million rose by 20%, jumping from 78,000 to almost 94,000. But for everyone else, there were fewer jobs and they paid less. The median paycheck fell 1.2% to $26,364, or $507 a week, its lowest level, adjusting for inflation, since 1999. More»

Recession Not Slowing Ultrarich

Real estate, art, yachts still finding no shortage of willing consumers

(NEWSER) - As many Americans batten down the hatches, the über-rich are still living it up, the New York Times reports. Already this year, 71 New York apartments have sold for more than $10 million—compared to just 17 in 2007. The good times were so good, many say, they haven’t had to cut back on impulse purchases like yachts, Bentleys and dream celebrations. More»

Income of Top 1% Shot Up 275% Since 1979: CBO

And in the process more than doubled their share of all income

(NEWSER) - The top 1% of income earners saw their after-tax income shoot up a whopping 275% between 1979 and 2007, and in the process more than doubled their share of all income, jumping from 8% to 17%, according to a new report from the Congressional Budget Office . The rest of the top 20% saw their income grow 65%, while the middle three-fifths’ income rose 40% and the bottom fifth just 18%. All numbers are adjusted for inflation. More»

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(NEWSER) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of Hispanic households ($6,325), the AP reports. One big reason: Predominantly younger minorities likely lost value in their main asset, their home, when the housing market crashed. Older white people, on the other hand, are more likely to have holdings in the stock market, which started rebounding in mid-2009. More»

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For Once, Super-Rich Not Getting Richer

Recession halts 30-year rise of the super-wealthy

ultra rich • recession • rich • income disparity • income gap

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More Newser Stories

Census Finds Record Gap Between Rich and Poor

Young people hit hardest

Paycheck Data Dismal in 2010

...Unless you were a millionaire

Recession Not Slowing Ultrarich

Real estate, art, yachts still finding no shortage of willing consumers

Income of Top 1% Shot Up 275% Since 1979: CBO

And in the process more than doubled their share of all income

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

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