THE bursting of the housing bubble meant many people saw their net worth decline quickly.
The more visceral problem of watching one's own net worth decline may also have played a part.
That decision reflects concern over the wage and income trends of the last decade, when pay stagnated for middle-class families, net worth declined and economic mobility eroded.
Angel investors — typically individuals with more than $1 million who join together to back start-up companies — have seen their net worth decline.
But in contrast, median net worth declined for families with incomes below $25,000, while the median income for nonwhites and Hispanics was little changed.
According to Federal Reserve data, median net worth declined by a staggering 40 percent from 2007 to 2010, to $77,000; for households near retirement, ages 55 to 64, the decline was 33 percent, to $179,000.
Whose net worth declined the most?
The combined net worth of billionaires fell from $1.73 trillion to $1.54 trillion this year, and their average net worth declined from $3.2billion to $3.1 billion.
The combined net worth of billionaires fell from $1.73 trillion to $1.54 trillion this year, while their average net worth declined from $3.2 billion to $3.1 billion.
