If you feel you're falling behind in the income race, it's not just your imagination. The wealth gap between the top 1% and the bottom 99% in the U.S. is as wide as it's been in nearly 100 years, a new study finds.
For starters, between 1993 and 2012, the real incomes of the 1% grew 86.1%, while those of the 99% grew 6.6%, according to the study, based on Internal Revenue Service statistics examined by economists at UC Berkeley, the Paris School of Economics and Oxford University.
The top 1% is defined as familes with incomes above $394,000 in 2012.
The Great Recession hit the top 1% harder than other income groups, but the wealthy recovered quicker too. From 2009 to 2012, as the U.S. economy improved, incomes of the top 1% grew more than 31%, while the incomes of the 99% grew 0.4% - less than half a percentage point.
"This implies that the top 1% incomes captured just over two-thirds of the overall economic growth of real incomes per family over the period 1993-2012," economist Emmanuel Saez of UC Berkeley writes.