Since the financial crisis, American wealth has declined by 12%, according to a new report from German insurer Allianz. That's worse than it sounds on a relative basis. Since 2007 it's the worst performance other than that of Greece, which has seen its wealth decline by 14%. Nick Corasaniti covers the report on the New York Times Economix blog. He also notes that the wealth gap is shrinking globally due to the financial crisis:
True, the gap between rich and poor is still huge. Per capita wealth in the richest countries is still 45 times that of the poorest countries. But a decade ago, wealthy countries had 135 times as much wealth.
Read the full story at New York Times Economix.
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