Home / Quotes / Quote by Janet Yellen

Quote by Janet Yellen

“After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. By comparison, the average real income of the other 95% of households grew less than 10%.”

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

“The distribution of wealth is even more unequal than that of income. ...The wealthiest 5% of American households held 54% of all wealth reported in the 1989 survey. Their share rose to 61% in 2010 and reached 63% in 2013. By contrast, the rest of those in the top half of the wealth distribution families that in 2013 had a net worth between $81,000 and $1.9 million held 43% of wealth in 1989 and only 36% in 2013.”

Wealth Half Millions Share Rose Income Inequality Contrast Household Distribution Surveys Net Worth Distribution Of Wealth Wealth Inequality

Author:Janet Yellen

“The lower half of households by wealth held just 3% of wealth in 1989 and only 1% in 2013.”

Wealth Half Income Inequality Household Wealth Inequality

Author:Janet Yellen

“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.”