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American Income Gap At Its Widest Since Great Depression + 5 Richest People In America

 

Photo: Forbes Magazine

Photo: Forbes Magazine

The gap between the wealthiest one percent and the rest of America is at its highest since the 1920s.

The richest Americans earned more than 19% of the country’s household income last year – their biggest share since 1928, the year before the stock market crash – and the top 10 percent earned a record 48.2% of total earnings last year.

Economists report several reasons for the huge income gap such as workers competing with low-wage labor in foreign countries, outsourced jobs and technology replacing workers that perform routine tasks. America’s top earners tend to be highly paid executives and entrepreneurs.

Speaking of rich people, Forbes recently released their 2013 Forbes 400 List, check out some of those who made the cut below:

#1. Bill Gates
Net worth: $72 Billion
Age: 57
Education: Drop Out, Harvard University
Residence: Medina, Washington
*Richest man in America for the 20th year in a row

#2. Warren Buffett
Net worth: $58.5 Billion
Age: 83
Education: Master of Science, Columbia University; Bachelor of Arts/Science, University of Nebraska Lincoln
Residence: Omaha, Nebraska

#3. Larry Ellison
Net worth: $41 Billion
Age: 69
Education: Drop Out, University of Chicago; Drop Out, University of Illinois at Urbana
Residence: Woodside, California

#4. Charles Koch
Net worth: $36 Billion
Age: 77
Education: Bachelor of Arts/Science, Massachusetts Institute of Technology; Master of Science, Massachusetts Institute of Technology
Residence: Witchita, Kansas

#4. David Koch (tied with Charles Koch)
Net worth: $36 Billion
Age: 73
Education: Bachelor of Arts/Science, Massachusetts Institute of Technology; Master of Science, Massachusetts Institute of Technology
Residence: New York, New York

Oprah Winfrey, the only Black person on the list came in at number 184 with a net worth of $2.9 Billion, tying with Steve Wynn. Mark Zuckerberg is the number two youngest person on the list (only because he’s eight days older than the number one person) coming in with a net worth of $19 Billion.

Check out the full list here.

SOURCE: ChicoER, Forbes

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