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Increase in wealth, by wealth group since 2003

Wealth inequalityInequalityInequality

During the sustained period of economic growth from 2003-04 to 2018-19, wealth inequality increased sharply:

* The wealth of the highest 1% of households rose (after inflation) by an average of $6.8 million or 84%;
* The wealth of the highest 10% rose by an average of $1.9 million or 65%;
* That of the middle 30% rose by an average of $380,000 or 44%;
* That of the lower 60% rose by just $45,000 or 20%.

In the first 2 years of the pandemic (during 2019-20 and 2020-21 including the recession), wealth inequality declined slightly:

* The wealth of the highest 1% of households rose by an average of $1.5 million or 10%;
* The wealth of the highest 10% rose by an average of $530,000 or 11%;
* That of the middle 30% rose by an average of $168,000 or 13%;
* That of the lower 60% rose by an average of $43,000 or 16%.

In the third year of the pandemic (2021-22, a year of economic recovery), wealth inequality declined further:

* The wealth of the highest 1% of households rose by an average of $2.5 million or 16%;
* The wealth of the highest 10% rose by an average of $900,000 or 17%;
* That of the middle 30% rose by an average of $276,000 or 20%;
* That of the lower 60% rose by an average of $66,000 or 21%.

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