Report: Recovery good for rich

Associated Press file photo - Occupy Wall Street protesters join a labor union rally in October 2011 in Foley Square before marching on Zuccotti Park in New York's Financial District. The movement highlighted financial inequality, which a report on Tuesday shows grew in the first two years of the nation's recession recovery.
Associated Press file photo - Occupy Wall Street protesters join a labor union rally in October 2011 in Foley Square before marching on Zuccotti Park in New York's Financial District. The movement highlighted financial inequality, which a report on Tuesday shows grew in the first two years of the nation's recession recovery.

The richest Americans got richer during the first two years of the economic recovery, while average net worth declined for the other 93 percent of U.S. households, says a report released Tuesday.

The upper 7 percent of households owned 63 percent of the nation’s total household wealth in 2011, up from 56 percent in 2009, said the report from the Pew Research Center, which analyzed new Census Bureau data released last month.

The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven’t rebounded from the plunge in home values, the report said.

Tuesday’s report is the latest to point up financial inequality that has been growing among Americans for decades, a development that helped fuel the Occupy Wall Street protests.

A September Census Bureau report on income found that the highest-earning 20 percent of households earned more than half of all income the previous year, the biggest share in records kept since 1967.

A 2011 Congressional Budget Office report said incomes for the richest 1 percent soared 275 percent between 1979 and 2007 while increasing just under 40 percent for the middle 60 percent of Americans.

Other details of Tuesday’s new report: