“The average net worth of the lower half of the distribution, representing 62 million households, was $11,000 in 2013. About one-fourth of these families reported zero wealth or negative net worth, and a significant fraction of those said they were "underwater" on their home mortgages, owing more than the value of the home. This $11,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.”
Quote by Janet Yellen
Author
Janet Yellen
Janet Yellen is a distinguished economist born on August 13, 1946. She has a profound academic background and extensive practical experience in the field of economics, serving as the Chair of the Federal Reserve System in the United States, which has had a profound impact on global financial policy. more
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