A study conducted by US-based investment company Catalyst, which tracked the wealth of a sample of over 1,500 millionaires, found that the average American was worth $17.6 million in 2016.
That was nearly half of the total wealth of the wealthiest 1,000 millionaires.
This was also more than double the wealth for the bottom 80 per cent of US millionaires, who earned $3.8 million.
The top 1 per cent, meanwhile, had an average wealth of $20.1 million, according to the report.
Catalyst CEO John DeLong told Quartz that the study is not about wealth inequality, and is instead about the fact that the tech industry has become a more valuable and productive part of the economy than in the past.
“As the economy gets more efficient and the jobs get more good and more affordable, we’ve moved from a place where tech was really just the way to make a living to one that’s a great source of wealth,” he said.
DeLong said that the report shows the benefits of the “halo effect” in the technology industry, which has given rise to more tech workers and businesses.
“We are witnessing a significant shift of wealth from a high-income to middle-income world, with many people not only benefitting from tech but benefiting from the tech companies that they work for,” he added.
A closer look at the rich and the poor The average American household is now worth $25,917, up from $20,721 in 2015.
The richest 0.1 per cent made $1.8 billion, up slightly from $1,848 million in 2015, according the Catalyst study.
The bottom 80% of American households earned $2.1 billion, down from $3,936 million in the same year.
Tech workers, including software engineers, computer scientists, and graphic designers, made the biggest difference.
Tech companies, including Facebook, Apple, Google, and Microsoft, have increased their salaries, and are now worth a total of $9.7 trillion, which is up by nearly 50 per cent since 2015.
But the data shows that tech companies have a larger share of the country’s wealth.
According to the Catalyst analysis, the average household with household income under $40,000 made $12,819, compared to the $13,979 earned by households earning over $100,000.
That’s up by almost 30 per cent from the previous year, and the most recent data for 2016 shows the average income for the top 0.01 per cent has increased by more than 400 per cent.
A similar increase in wealth inequality has been seen in the banking sector.
The wealth of banks and financial institutions has been growing over the past decade.
According the Catalyst report, banks’ wealth rose from $2 trillion in 2000 to $14.2 trillion last year, while financial institutions’ wealth grew from $4.7 to $23.7 billion.
This chart shows the wealth distribution of the top 1% of households and the bottom 70 per cent between 2000 and 2015.
It shows that the wealth gap between the top one per cent and the rest of the population has widened over the last decade.
“It is becoming more and more clear that tech is making the economy better for everyone, not just those at the very top,” DeLong added.