Silicon Valley is an embarrassment of riches for some and a struggle to get by for many who live there, but a report Tuesday puts the gap between rich and poor in the cradle of technology and innovation into stark relief: Just eight households in the California region hold more wealth than the 500,000 at the other end of the earnings scale.
The Fourth Annual Silicon Valley Pain Index published Tuesday by San Jose State University’s Human Rights Institute features new data that highlights the region’s persistent earnings inequalities and the astronomical concentration of wealth into the hands of a very small number of households and companies.
“After producing the Silicon Valley Pain Index for the fourth time, we have a clear understanding of the astronomical wealth gap,” said Scott Myers-Lipton, a San Jose State sociology professor and lead author. “It is time for the community and elected officials to create social solutions to address the ‘social pain’ that is highlighted in this annual report.”
