The One Percent Is 288 Times Wealthier Than The Median U.S. Household

09/11/2012 02:01 pm ET
  • Bonnie Kavoussi Master's student in economics, the University of Michigan

The rich are getting even richer as most other Americans fall behind.

Households in the wealthiest one percent were 288 times richer than the median American household in 2010, possessing an average net worth of $16.4 million. In contrast, the median American household had a net worth of $57,000 in 2010. That's according to "The State of Working America," a report released Tuesday by the Economic Policy Institute.

The wealthiest one percent now own 35 percent of all wealth in the U.S, and income inequality is growing as wages have not kept up with workers' increased output. EPI, a left-leaning think tank, blames economic policies such as the deregulation of the financial industry, lower tax rates and weakened protections for collective bargaining.

Check out 10 ways things are getting worse for most American workers:

10 Ways The U.S. Is Getting Worse For Most Americans

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