California's households boast a median net worth of $288,000, significantly higher than the national figure of $180,000, driven by high-paying jobs and valuable assets like real estate. However, the wealth gap is alarming, as evidenced by households at the 80th percentile having $1.4 million, compared to just $12,000 for the 20th percentile. This disparity is exacerbated by systemic economic changes that heighten living costs, making it increasingly difficult for lower-income families to save or invest in education and business opportunities.
The disparity in wealth distribution in California highlights a troubling reality, where the top earners' net worth surges to 100 times that of the bottom households.
Tess Thorman emphasizes that the growing wealth gap in California is driven by technological shifts and rising living costs, impairing families’ ability to save.
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