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April 07, 2006

Who’s getting richer

Newly released government data allow us to see trends in family net worth during this decade. Dr. Mike Walden, an economist with N.C. State University, explains who got richer -- and who didn’t.

“People in the middle of the income spectrum actually did the best. People earning incomes between, say, $40,000 and $90,000 saw increases in their wealth or family net worth ranging from 6 to 11 percent,” says Walden, a specialist with North Carolina Cooperative Extension.

“People at the very top of the income spectrum curiously got … much smaller gains -- 4 percent,” he adds. “And unfortunately people at the bottom end of the income spectrum, under $40,000, actually saw their net worth go down during this time period.

“I think perhaps a lot of the reason for the big gains in middle income households was due to home ownership.”

Posted by deeshore at April 7, 2006 08:00 AM