25% of population holds 90% of wealth

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25% of population holds 90% of wealth

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Wealth disparities and out migration increased across Silicon Valley last year, even as tech giants amplified their wealth and new startups and public stock offerings continued to proliferate, according to an annual report from nonprofit Joint Venture Silicon Valley.

The report found that while employment in Silicon Valley had returned to pre-pandemic levels, many industries like hospitality and services were still struggling. It contributed to more of the region’s wealth accumulating towards the top.

The report found that the top 25% of the population hold more than 90% of the region’s wealth.

“If Silicon Valley were a country, that kind of wealthy disparity would be considered politically unstable,” said Russell Hancock, the group’s president and CEO, during a press call Tuesday.

The annual report, the Silicon Valley Index, defines the region as San Mateo and Santa Clara Counties, parts of Alameda County including Fremont, along with nearly 40 other cities in that region.

While tech continued to grow in the region, the industry’s well publicized problems with diversity did as well.

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