California is becoming less equal every day.
The state’s 100 richest residents had $815.5 billion in net worth as of September 2020, up 18% from 2019, according to Forbes.
Yet Rey Justo and his family of six in Sacramento were living between a Honda Pilot and his in-law’s living room.
The top 1% of Californians earned at least $659,000 in 2020.
But Omar Yacoubi was putting in a 12-hour workday driving for Uber in the Bay Area last year after he found himself without a stable gig as a software designer.
“Income inequality has risen sharply in California over the past two decades, increasing faster in the state than in the nation as a whole.” A researcher at the Public Policy Institute of California, Deborah Reed, said that more than two decades ago, in 1999.
In the intervening years, California spent billions to fight poverty. A tech boom led Californians to gain billions in wealth.
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