A recent Forbes Advisor survey shows 78% of U.S. adults have little-to-no room to stretch their budget to cope with rising inflation since most of their money is being spent on housing and food.
On July 1, three states, 16 cities and counties, and the District of Columbia all raised their minimum wages.Terrain MapOregon workers saw their minimum wage go up to $13.50 an hour.
In Nevada, wages increased to $10.50 for workers without health benefits and $9.50 for workers with benefits.At a time when families are coping with rising prices, these increases will help many low-wage workers and their families make ends meet.Terrain Map In a working paper released this month, the researchers wrote, “Laws that automatically raise the minimum wage with inflation each year ensure that minimum wage workers’ paychecks can still buy at least the same amount of goods and services year after year.”
But inflation is more avoidable for some Americans than others. Being considered wealthy in America is relative, and to some extent it may depend on where you live.To join the 1% in America, you need at least $4.4 million, according to data released last year from property agency Knight Frank.For instance, it takes $4.2 million to be in the top 1% in New York, the survey found.In California, it takes $6.8 million, and $6.
Although many billionaires have flocked to Hawaii in recent years, California still has the city with the highest share of super-rich people — San Jose, according to a separate report by the data and intelligence firm Wealth-X.The top 1% of the country contributed to around a quarter of the total wealth in the early 1990s. That rose to roughly one-third in the first quarter of 2022, according to the Federal Reserve.
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