Asset Income Is a Growing Source of Wealth — and of Geographic Inequality
Income inequality is often measured by wages alone. But looking at wealth generated from assets across the U.S. reveals immense geographic disparity.
A home in Jackson Hole, Wyoming. Surrounding Teton County has the highest asset income per capita.
Photographer: Richer Images/Construction Photography/AvalonAvalon/Hulton Archive
Income inequality in the U.S. is usually measured by wages, but that’s far from the only way Americans accumulate more wealth. Income from assets — like stocks, rental properties and interest — now makes up one-fifth of total personal income in the U.S. Yet most Americans have few assets besides their primary residence and retirement account, and even those are usually out of reach for low-income workers.
The accumulation of asset wealth is concentrated geographically, and the divide between counties with and without significant income from assets has grown exponentially, according to a new report by the Inclusive Wealth Building Initiative from the DC-based Economic Innovation Group.