Many times you see and hear about how much people make. Most articles about inequality focus on ‘income inequality’. But income is not the only, or best, measure of how people are doing financially. Just focusing on income ignores wealth, how much money people actually have to their name.
And it turns out America is now full of people who earn high incomes but have very little wealth. The high-earning poor are those people who earn greater than $50,000 a year but have less than $100,000 in total financial assets or net worth. The total wealth of people who earn between $50,000 and $100,000 has shrunk over time, if you don’t count company-sponsored 401k plans. That is not a recipe for middle class growth.
For the full story, click here.