Posted 12/4/2023, 3:01:00 PM
Pandemic Brings Financial Gains for Some, But Inequality Persists
- Lower and middle income households saw larger spikes in net worth (101% and 29%) than higher income households (15%) early in the pandemic (Dec 2019 - Dec 2021)
- But high earners still had far higher median net worth ($803K) than middle class ($204K) and lower income households ($24.5K)
- Multiple pandemic relief measures likely contributed to growth, especially for lower incomes
- However, half of lower income households still had net worth of $500 or less in Dec 2021
- The gains may reverse as incomes dropped and prices rose in 2022, undoing some earlier improvements