Wednesday, October 1, 2014
Russell Sage Study Shows Average Americans Get Poorer as Per Capita Wealth Reaches New High
While America as a whole is getting wealthier, the average American’s share of those assets is declining. Despite a near doubling of total wealth in America over the past ten years, the typical American’s net worth has actually fallen by over a third.
A study by economists at the University of Michigan for the Russell Sage Foundation showed that, in 2013, the median American household saw its total assets fall by 36% from 2003. Over the same time period, the total wealth in the United States grew by over 80%. With total wealth growing and median wealth declining, the average American’s nest egg is getting smaller and smaller despite greater wealth per person in the country....