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The last years of the so-called new economy brought at least one familiar result: America's rich grew richer, according to the most recent Federal Reserve Board survey of consumer finances. Average net worth of the top 10 percent of households increased by 30 percent, to $2.75 million, from 1998 through the end of 2001. Average income, assets and home value of the top 10 percent of households also
August 1, 2003
Rorie M. Sherman Editor in Chief
The last years of the so-called new economy brought at least one familiar result: America's rich grew richer, according to the most recent Federal Reserve Board survey of consumer finances.
Average net worth of the top 10 percent of households increased by 30 percent, to $2.75 million, from 1998 through the end of 2001. Average income, assets and home value of the top 10 percent of households also increased in that time by 39 percent, 29 percent and 31 percent, respectively. To conduct the survey, the Federal Reserve researchers interviewed 4,449 families.
The remaining 90 percent of the population also showed a gain since 1998, although, by and large, not as impressive as that of the top 10 percent. Average...
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