Report: Richest 7% got richer during recovery

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Associated Press

Posted on April 23, 2013 at 11:02 AM

Updated Tuesday, Apr 23 at 12:02 PM

WASHINGTON (AP) — A new report says the richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of the nation's households.

The Pew Research Center report says wealth held by the richest 7 percent of households rose 28 percent from 2009 to 2011, while the net worth of the other 93 percent of households dropped by 4 percent.

It says the main reason for the widening gap is that affluent households have stocks and other financial holdings that increased in value, while the less wealthy have more of their assets in their homes, which haven't fully regained their value since the housing downturn.

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