CHANGES IN WEALTH OVER TIME
Middle and high wealth households have experienced a real increase in average net worth over the past decade, since the collection of wealth data began in 2003–04. Middle wealth households had an average net worth of $462,500 in 2013–14 compared to $388,700 in 2003–04. High wealth households increased in real terms from an average net worth of $1.8 million in 2003–04 to $2.5 million in 2013–14. Low wealth households did not experience any real increase in net worth over this time period with the average net worth of $35,600 in 2013–14 similar to 2003-04 ($32,000).
A decrease in average household income in 2009–10 impacted household wealth across the board with average wealth remaining steady for all wealth groups in 2011–12 and 2013–14. Although the data for each of the wealth groups suggests a decline from 2009–10 to 2011–12 followed by an increase from 2011–12 to 2013–14, these are not significant changes.
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