How many people were lifted out of poverty by programs that put $400 billion into the COVID-19-damaged economy? According to the Supplemental Poverty Measure (SPM) from the U.S. Census Bureau, the total was 11.7 million in 2020, a remarkable number.<\/p>\n
Even with this advance, the richest Americans have done better recently. The top 10% of Americans based on net worth hold 69.8% of the total wealth across the U.S. population. The top 1% hold 32.1%<\/p>\n
Income inequality varies considerably within the United States, and in some parts of the country it is far more pronounced than in others.<\/p>\n
Using data from the U.S. Census Bureau\u2019s 2019 American Community Survey, 24\/7 Wall St. identified the state with the widest income gap. States are ranked by their Gini coefficient, a measure of income inequality based on the distribution of income across a population on a 0 to 1 scale, with 0 representing perfect equality and 1 representing the highest possible level of inequality.<\/p>\n
Depending on the state, income inequality ranges from a Gini score of 0.427 to 0.515. Nationwide, the Gini coefficient stands at 0.481.<\/p>\n
The causes of rising inequality are complex and varied. A report published by the National Bureau of Economic Research ties the rising disparity to a range of economic factors, including globalization, technological advancement, a stagnant minimum wage and the decline of labor unions.<\/p>\n
The state with the widest income gap is New York. Here are the details:<\/p>\n
Methodology: To determine the state with the widest income gaps, 24\/7 Wall St. reviewed one-year estimates of the Gini Index of income inequality from the U.S. Census Bureau\u2019s 2019 American Community Survey (ACS).<\/p>\n
The Gini Index of income inequality summarizes income dispersion in an area on a scale from 0 to 1. A value of 0 indicates perfect equality; that is, everyone in the area receives an equal share of income. A value of 1 indicates perfect inequality; that is, only one recipient receives all the income.<\/p>\n
States were ranked based on their Gini Index. Additional information on average household income by quintile, share of aggregate household income by quintile and median household income are also one-year estimates from the 2019 ACS.<\/p>\n
Click here to see all the states with the widest income gaps.<\/strong><\/p>\n \t\t\t\t