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Study: Wealth gap widened in the last decade

(Newsmakers, Getty Images/File)
(Newsmakers, Getty Images/File)
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Updated: 8/22 9:08 am

NEW YORK (AP) — A report from the Census Bureau is the latest evidence that the rich are getting richer while the poor get poorer.

The study released Thursday divided the U.S. into five groups, from wealthiest to poorest. The median net worth of the richest households rose 11 percent between 2000 and 2011, to $630,754. The next-wealthiest group's net worth also rose.

But because wealth dropped for the majority of Americans, the median household net worth for the country overall declined about 7 percent to $68,828.

The report was compiled using surveys done by the Census. It includes stocks, money in the bank, home values, retirement accounts and other assets in its measurement of net worth.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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