The first decade of this century witnessed an historic reduction in global poverty and a near doubling of the number of people who could be considered middle income. But the emergence of a truly global middle class is still far from fruition.
The gap between America’s upper-income and middle-income families has reached its highest level on record. In 2013, the median wealth of the nation’s upper-income families ($639,400) was nearly seven times the median wealth of middle-income families ($96,500).
The median wealth of white households was 13 times the wealth of black households and 10 times that of Hispanic households in 2013, compared with eight and nine times, respectively, in 2010.
The earnings gap in the nation’s workforce has widened in recent years as the pay of high-wage workers has risen and the pay of low-wage workers has fallen, but Hispanics may be feeling the impact more acutely than others.
For the first time in nearly two decades, immigrants do not account for the majority of Hispanic workers in the United States. And most of the job gains made by Hispanics during the economic recovery have gone to U.S.-born workers.
While women have narrowed their pay gap with men over the past 30 years, many have also seen their progress slow, and even reverse, over the course of their careers.