The old saying that the rich get richer is truer today than ever. In 2013, the wealthiest 10 percent of American families held 76 percent of all family wealth, according to August 2016 data from the Congressional Budget Office. Meanwhile, the bottom 90 percent of Americans own nearly 74 percent of private debt, according to a December 2014 paper from the National Bureau of Economic Research. For middle-income Americans, their primary sources of wealth are their homes, but many would be devastated by an unexpected financial emergency, according to a survey from Bankrate.
But these statistics are just a drop in the bucket when it comes to bad news about inequality. These facts about financial inequality might leave you steaming.
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[See: Basic Money Lessons You (Probably) Missed in High School.]
[See: How to Live on $13,000 a Year.]
[See: 7 Deadly Money Sins to Avoid.]
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12 Staggering Statistics About Financial Inequality in the U.S. originally appeared on usnews.com
