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 the report.
A new study of Silicon Valley wealth, income and other economic measures shows vast disparities in one of the country's wealthiest regions, with the top 10% of households holding 66% of the investable assets in the region last year.
Hancock added that the report highlights the need for more investments in education and"equipping people for success." The report marks the first time the think tank published wealth estimates that include data on these ultra high net worth individuals, who the institute defined as those with net investable assets of $30 million or more.
And an estimated 8,300 households held more than $10 million in investable assets, according to the report.
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