Wealth inequality in Silicon Valley is more pronounced than in the U.S. overall, or globally, with the top 1% of households holding 48 times more of the total wealth than the bottom 50%, according to Silicon Valley Index annual report.
The report estimates Silicon Valley’s aggregate household wealth is nearly $1.1 trillion, when it counts ultra high net worth individuals.
Such assets are those that are held in cash, or can easily and quickly be converted into cash, including checking accounts, certificates of deposits and retirement accounts. The group did not count houses, cars or other non-liquid financial holdings as investable assets. And an estimated 8,300 households held more than $10 million in investable assets, according to the report.
About 23% of Silicon Valley residents lived below the poverty threshold in 2021, a 3 percentage point increase from 2019. Two percent of Silicon Valley households, or about 22,000 households, did not hold bank accounts.
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