From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.
These wide variances were driven by the fact that the stock and bond market rallied during the 2009 to 2011 period while the housing market remained flat.
Affluent households typically have their assets concentrated in stocks and other financial holdings, while less affluent households typically have their wealth more heavily concentrated in the value of their home.
Oddly enough two weekends ago I had some friends over and we were discussing this issue. I made the point I believed Obama was the greatest creator of income inequality perhaps in American history. With all the money printing and it’s effect on the value of the dollar, those invested in equities were seeing their portfolio value rise. While those at the bottom end, those with little to no stocks or bonds, get to see higher food and fuel prices and their savings lose value.