Wealth Gap Widening Says Fed as Richest Incomes Rise

The rich did indeed get richer over the past 3 years according to a new Federal Reserve report. The wealth gap expanded from 2010 to 2013, with inflation-adjusted income dropping for all but the richest households. Median income fell 5% during the period, from $49,000 to $46,700. Nevertheless, the top 10% of households saw their paychecks rise 2% to $223,200. Households' estimates of their net worth, meanwhile, sank across all income groups surveyed by the Fed. Adjusting for inflation, median net worth fell 2% to $81,200. Households in the top 10% income bracket were hit with a 12% drop in net worth to $1.13 million.