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Americans who were left behind as the country pulled out of the Great Recession — African Americans, Hispanics and people without college degrees — saw large gains in net worth over the past three years, the Federal Reserve reported Wednesday.
But the improvements failed to narrow the inequality gap: The share of America’s income held by the top 1 percent of households reached 24 percent in 2016, a record high, and the median net worth of white households, at $171,000, was nearly 10 times larger than for black households.
The findings suggest that while a robust economy has benefited all economic groups, the wealthiest and most educated have been in a position to benefit even more because they began with such a significant advantage.
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Job seekers fill out employment applications during a Job News USA career fair in Jeffersonville, Ind., on Sept. 20. (Photo by Luke Sharrett/Bloomberg).
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