Janet Yellen Quotes About Wealth

• [A] major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions. ...the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013

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• The past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority.

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  Janet Yellen

  "RPT-UPDATE 2-Citing U.S. values, Yellen says greatly concerned by rise in economic inequality". www.reuters.com. October 17, 2014.

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• 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.

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

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• By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.

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  Janet Yellen

  Janet Yellen's Speech At the Conference on Economic Opportunity and Inequality at the Federal Reserve Bank of Boston in Boston, Massachusetts, www.federalreserve.gov. October 17, 2014.

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• 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.

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  Janet Yellen

  Janet Yellen's Speech At the Conference on Economic Opportunity and Inequality at the Federal Reserve Bank of Boston in Boston, Massachusetts, www.federalreserve.gov. October 17, 2014.

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• 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%.

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