wealth

The rich got richer and, well, you know the rest

Sep. 19, 2011 at 8:06 AM ET

Economic Policy Institute /

A new graphic from Economic Policy Institute shows that the old adage about the rich getting richer and the poor getting poorer has proven true in recent years.

The liberal-leaning economic think tank took a look at who gained and who lost wealth between 1983 and 2009, the year the U.S. officially came out of recession.

According to their analysis, the vast majority of the wealth gains — more than 80 percent —  went to the richest 5 percent of the population.

The slightly-less-wealthy also saw some gains, but that’s where the good news ends. The bottom 60 percent of households by wealth actually lost ground over the 26-year period, according to EPI.

Things have not likely gotten much better for folks since 2009. The Census reported last week that real median income fell again last year, marking the third straight year that has happened.

In addition, the Federal Reserve reported Friday that household wealth took a hit in second quarter of this year, as stock market swings and real estate woes slammed our finances.

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