A recent database of household wealth in Minnesota has revealed significant wealth concentration over the past six decades, echoing national trends. In 1960, the bottom 50% of families owned 10% of the state’s wealth, while the richest 1% had 17%. By 2010, the bottom 50% saw their wealth share decrease by half, while the richest 1% more than doubled their wealth. This trend has remained steady from 2010 to 2020.
Factors contributing to this wealth inequality include the loss of high-paying blue-collar jobs, job concentration in coastal metropolitan areas, and changes to the tax code favoring the wealthy. Racial wealth disparities are also pronounced, with Minnesota having some of the worst disparities due to historical redlining policies.
In Minnesota, the wealthiest communities in the Twin Cities metro are ten times richer than the poorest areas. The database also highlights stark differences in median household income across different regions of the state. Ultimately, wealthier communities can provide better resources for residents, perpetuating generational wealth gaps.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
