Source: Panel Study of Income Dynamics
That’s a 91 percent decline in their overall wealth. The report published by Pew Charitable Trusts explains:
A defining factor of the Great Recession was the tremendous wealth loss experienced by families. Between 2007 and 2010, median family wealth dropped nearly 40 percent.
About 62 percent of families in low-poverty neighborhoods experienced wealth losses during the recession, compared with half of families in high-poverty neighborhoods. Also, the absolute losses in median wealth were substantively higher for families in low-poverty neighborhoods ($135,281) than for families in high-poverty neighborhoods ($29,778) (see Figure 2). This is partly due to the fact that families in low-poverty neighborhoods started with greater wealth.
