Even as Americans grew richer, inequality persisted

American families shored up their savings substantially between 2016 and 2019, according to US Federal Reserve data released on Monday, but wealth inequality remained stubbornly high - and that was before the coronavirus pandemic took hold.[NEW YORK] American families shored up their savings substantially between 2016 and 2019, according to US Federal Reserve data released on Monday, but wealth inequality remained stubbornly high - and that was before the coronavirus pandemic took hold.

Median net worth climbed by 18 per cent in those three years, the Fed's Survey of Consumer Finances showed, as median family income increased by 5 per cent. The survey, which began in 1989, is released every three years and is the gold standard in data about the financial circumstances of households. It offers the most up-to-date and comprehensive snapshot of everything from savings to stock ownership across demographic groups.

The figures tell a story of improving personal finances fuelled by income gains and rising home prices, the legacy of the longest US economic expansion on record, one that had pushed the unemployment rate to a half-century low and bolstered wages for those earning the least. Yet many Americans had less in savings than they did before the last recession a decade ago and yawning gaps persisted - the share of wealth owned by the top 1 per cent of households was still near a three-decade high.

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