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Sunday, July 3, 2022

Them on Us: U.S. Wealth Gap Rises With Jackson Hole Coming at the Top – Buckrail

John Williams, left, President and CEO of the Federal Reserve Bank of New York, and Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, right, walk together after Powell’s speech at the Jackson Hole Economic Policy Symposium on Friday, Aug. 24, 2018 in Jackson Hole, Wyo.
AP Photo/Jonathan Crosby

JACKSON, Wyo. — Surprise, surprise: Teton County is wealthy. It remains the wealthiest county in the country.

It’s wealth isn’t new. But the “wealth gap” has risen, and U.S. Federal Reserve officials are going to talk about it this week during their annual economic symposium, according to a recent report from Bloomberg.

Per-capita income from asset ownership has skyrocketed over the past few decades, and Teton County’s in the highest, Bloomberg reported. That’s according to a study by the Economic Innovation Group.  It’s largely because the “uber-rich” are increasingly attracted to Jackson, and Wyoming, as a tax haven and rural mountain retreat.

“Asset ownership offers people something to fall back on during periods of economic uncertainty that could result from unemployment, illness, or, as it has been the case for many Americans over the past year, a pandemic,” Bloomberg reporter August Victoria Saraiva writes. “But for those who live paycheck to paycheck, saving and investing is hardly an option.”

The Federal Reserve’s annual symposium usually takes place here in Jackson at the base of the Tetons, but is being held virtually this year due to concerns about the Delta variant. Federal Reserve Chairman Jerome Powell’s remarks will be livestreamed to the public at 8 a.m. mountain time.

About The Author

Buckrail @ Shannon

Shannon is a Wyoming-raised writer and reporter pursuing a master’s in journalism at Boston University. Jackson shaped her into an outdoorswoman, but a love for language and the human condition compels her to write. She believes there’s no story too small to tell nor adventure too small to take.

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