Rising Income Inequality In Florida

Rising Income Inequality In Florida

In Florida, the gap between the rich and poor is relatively wider than the rest of the nation; only 6 states have a more unequal distribution of income. On the eve of the Great Recession, the richest 20 percent of Florida families had average incomes 2.8 times as large as the middle 20 percent of families and 7.5 times as large as the poorest 20 percent of families. The very richest families — top 5 percent — had average incomes that were 12.6 times as large as the poorest 20 percent. This already-large gap between the rich and everybody else has also grown faster than many other states; Florida’s income inequality has grown at the 20th-fastest rate. Between 1986 and 2006, the incomes of the richest families (top 5 percent) rose nearly four times as fast as the poorest fifth’s and three and a half times as fast as the middle 20 percent

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