A new study by Pew confirms that the rich are getting richer and everyone else is getting screwed.

The richest 7% of American households–8 million with more than $836,000 in net worth–did quite well from 2009 to 2011.

Their average net worth rose from $2.5 million to $3.2 million, a 28% jump.

The other 93% of American households, meanwhile, lost out.

Their average net worth dropped from a measly $140,000 to $134,000.

Between 2009 and 2011, the richest 7% of American households also went from owning 56% of the country’s net worth to owning 63% of it. That left only 37% of the country’s net worth to everyone else.

 

The kicker? America’s growing wealth inequality is hurting the purchasing power of mainstream American consumers. And these consumers provide the spending that drives most of the economy. (Rich folks actually don’t spend that much as a percentage of the economy).

So with “everyone else” getting screwed, the health of the overall economy is deteriorating. That’s hurting the ability of companies owned by the richest households to grow. And their lack of growth will eventually be reflected in the value of the stocks owned by the richest households.

 

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