Silicon Valley may be home to some of the world’s richest tech titans, but a shocking new report shows the region’s wealth is concentrated in the hands of a privileged few while millions struggle to get by.
Researchers at San Jose State University on Thursday released the latest Silicon Valley Pain Index, revealing that the wealthiest 10% of residents control a staggering 75% of the region’s wealth, while the bottom half own less than 1%.
The annual report, compiled by the university’s Human Rights Institute, measures economic hardship across housing, food, childcare, employment, health and education to track the growing divide in one of America’s richest regions.
“We have an even greater gap in income between the wealthiest and the rest of us,” lead author Anji Buckner-Capone said. “We have seen more schools close. We have seen increases in compromised physical and mental health. We have far too many individuals and families who are unsure how they will make ends meet.”
The findings underscore just how expensive life has become in the heart of California’s tech industry. According to the report, residents now need to earn more than $460,000 a year to afford a typical home in San Jose, making it one of the priciest major cities in the nation.
“We have abundant resources,” The Health Trust CEO Dr. Tony Iton told NBC. “There’s enough for everybody to get food and healthcare and childcare. It’s not like there are shortages of these things. It’s just the policy is not investing in our people.”
