Pandemic Widens Wealth Gap as Richest Americans Capture More Income and Riches

The richest Americans have increased their share of wealth and income during the pandemic despite expectations that the tight job market would narrow inequality.

Data shows the top 1% of households held 26.5% of household net worth in June 2022, up 1.5 percentage points since 2019.

The share of income going to the top 5% also grew from 23% in 2019 to 23.5% in 2022, continuing a long-term trend of rising income concentration.

The collective net worth of the bottom 20% rose 27% but their share of total wealth fell from 7% to 6.7% during the pandemic.

Concerns remain that volatile inflation and tighter Fed policy may pose risks for lower-income families if wage growth slows.