OK, let's check the scoreboard: Average family wealth has plunged about 40% thanks to the lousy economy. Meanwhile, luxury retailer Michael Kors says its profit has more than tripled.
And the round goes to the 1%.
The big drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- means the recession wiped away 18 years of savings and investment by families, according to the latest figures from the Federal Reserve
Much of the drop in wealth, to levels not seen since 1992, was attributable to a sharp decline in housing values, the Fed says. In 2007, the median homeowner had a net worth of $246,000. Three years later, that number was down to $174,500.
Families in the West and South were especially hard hit as the economic downturn chewed up housing prices.
Adding insult to injury: Income levels fell during the same period, with median pre-tax income falling 7.7%.
Tough times all around, right? Not so much. Profit at Michael Kors Holdings took off like a rocket in the fourth quarter.