The wealthiest 10% of Americans control some $94 trillion. The remaining $40.4 trillion is in the hands of the remaining 90% of Americans.
That disparity is what’s known as the income gap, and, according to studies, the difference between wealth appears to be growing. That’s what 24/7 Wall Street found in a recent analysis of places where extreme wealth and extreme poverty exist side by side.
Using data from the U.S. Census Bureau’s 2019 American Community Survey, the analysis looked at income inequality at the ZIP code level. You can see more on the methodology here.
In Alabama, the place with the greatest income disparity was ZIP code 35203 in Birmingham. According to 24/7 Wall Street, the average household income for the top 20% of income earners in 35203 was $192,138. In comparison, the average household income for the bottom 20% was $6,413.
The share of all the income in 35203 that went to the top 20% was 69% while the share of the bottom 20% was 2.3%. For Alabama as a whole, the share of wealth held by the top 20% was 51% while the bottom 20% had 3%.
The median household income in 35023 was $17,248 compared to $50,536 statewide.
Wonder how other states stack up? You can see the entire report here.
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