At the 2018 US Conference of Mayors (USCM) Annual Conference, USCM and Interise presented a joint paper entitled Bridging the Wealth Gap, which analyzed one of the most challenging situations facing America today. The paper highlighted the need for more focused and systemic approaches to closing the wealth gap, particularly by encouraging and supporting small business entrepreneurship and ownership.
At the 2019 USCM Annual Conference taking place this week in Honolulu, Hawaii, Interise presents updated data that shows that the wealth gap persists.
- The richest 10% of households hold 70% of total household wealth, most of which is in high yielding stocks and mutual fund investments.
- Most of the wealth in the bottom 90% comes from a single source: home ownership. However, home equity was significantly reduced during the Great Recession and is still recovering in some areas.
- Many households in the bottom 90% have negative wealth--they have more debt than assets--which is particularly true for black and Latinx households.