The Rich Are Getting Richer Faster Than Anyone Else
The top 0.1% saw their pay packet increase by an astronomical amount last year
A tiny population of already-mega-rich Americans is getting richer at a much faster rate than anyone else.
An analysis from the Economic Policy Institute shows that the top 0.1% of American wage earners saw their income rise faster than all other groups from 2013-2014.
In 2014, the bottom 90 percent of Americans earned an average wage of $33,297, up $446 from the year before (just 1.4 percent). The average wage of the top 1 percent rose to $463,071 (up by 4.9 percent) while those within the top 0.1 percent of American earners pulled in an average of $2,542,965 in 2014. That represents a jump of more than $200,000, an 8.9 percent jump in one year.
Granted, the highest rollers in society took a hit in the recession, along with the rest of us. It’s the first time since 2007, according to the report, that their average earnings have topped $2.5 million per year. Meanwhile, the bottom 90 percent have also recovered, and now earn a full $20 more, on average, than they did before the crash.