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US middle class gets richer, but wealthy do even better

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The Associated Press

WASHINGTON (AP) — Middle-class American families grew richer between 2013 and 2016, their first such gains since the Great Recession upended the economy a decade ago. Yet wealthier families did even better, worsening the nation’s massive disparities in wealth and income.

A Federal Reserve survey found that the median net worth of all American families rose 16 percent last year from 2013 to $97,300. The median is the point where half of families fall below and half above.

Nonwhite households and those with less education saw the largest percentage gains in wealth. Yet bigger gains by the wealthiest families left them with a greater share. The 1 percent richest families now hold nearly 39 percent of U.S. wealth, up from 36.3 percent in 2013.

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