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US: Rich (still) getting richer

THE US Census Bureau admitted on Thursday that the country’s rich are getting richer while the poor get poorer.

A study by the bureau divided the US into five groups, from wealthiest to poorest. 

The median net worth of the top two groups rose by 11 per cent between 2000 and 2011.

But the median household net worth for the country overall declined about 7 per cent.

A rebound in the stock market after the housing bust helped richer families regain their wealth after the recession.

But the bottom 20 per cent owed more than they had and were worse off in 2011 than they were in 2000. 

In 2011, the median net worth of the poorest was negative — a debt of $6,029 (£3,635), compared with $905 (£546) a decade before.

There was also a racial disparity, with the median net worth of white families rising, while blacks and Hispanics suffered falls.

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