Wealth Gap Widens as Rich Get Richer, Especially in California Cities

The rich are getting richer - the top 1% saw their wealth grow 3 times faster than inflation since 2020.
A family of 3 making $156K can be considered upper class, but it may take $250K+ to truly be well-off.
California dominates the list of cities where the rich are getting richer, with 7 cities in the top 10.
Higher incomes don't always mean higher quality of life due to high taxes and cost of living.
Inflation remains well above the Fed's 2% target, so the pinch on household budgets continues.