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Silicon Valley’s Vast Wealth Disparity Deepens as Poverty Increased

A new study of Silicon Valley wealth, income and other economic measures shows vast disparities in one of the country’s wealthiest regions, with the top 10% of households holding 66% of the investable assets in the region last year. In Santa Clara and San Mateo counties, just eight households held more wealth than the bottom 50% (nearly half a million households), according to the Silicon Valley Index, an annual report by the Silicon Valley Institute for Regional Studies, the research arm of Joint Venture Silicon Valley.

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Wealth inequality in Silicon Valley is more pronounced than in the U.S. overall, or globally, with the top 1% of households holding 48 times more of the total wealth than the bottom 50%, according to the report. That compares to 23 times nationally and globally, the report said.
Wealth inequality in Silicon Valley is more pronounced than in the U.S. overall, or globally, with the top 1% of households holding 48 times more of the total wealth than the bottom 50%, according to the report. That compares to 23 times nationally and globally, the report said.

By Alejandro Lazo
CalMatters

A new study of Silicon Valley wealth, income and other economic measures shows vast disparities in one of the country’s wealthiest regions, with the top 10% of households holding 66% of the investable assets in the region last year.

In Santa Clara and San Mateo counties, just eight households held more wealth than the bottom 50% (nearly half a million households), according to the Silicon Valley Index, an annual report by the Silicon Valley Institute for Regional Studies, the research arm of Joint Venture Silicon Valley.

“We live in a capitalist system that is based on markets,” said Russell Hancock, chief executive of the San Jose-based think tank. “There’s rules to the game; the rules are fair. In Silicon Valley, we have some of the world’s biggest winners.”

Hancock added that the report highlights the need for more investments in education and “equipping people for success.”

The institute defines Silicon Valley as Santa Clara and San Mateo counties, as well as parts of Santa Cruz and southern Alameda counties. The think tank also includes San Francisco in some of its metrics. The report focused solely on data from Santa Clara and San Mateo counties for its wealth analyses.

Wealth inequality in Silicon Valley is more pronounced than in the U.S. overall, or globally, with the top 1% of households holding 48 times more of the total wealth than the bottom 50%, according to the report. That compares to 23 times nationally and globally, the report said.

Ultra-rich

The report estimates Silicon Valley’s aggregate household wealth is nearly $1.1 trillion, when it counts ultra-high net worth individuals.

The report marks the first time the think tank published wealth estimates that include data on these ultra-high net worth individuals, who the institute defined as those with net investable assets of $30 million or more.

Such assets are those that are held in cash, or can easily and quickly be converted into cash, including checking accounts, certificates of deposits and retirement accounts. The group did not count houses, cars or other non-liquid financial holdings as investable assets.

Santa Clara and San Mateo counties had 163,000 millionaire households in 2022, which the report defined as households that had more than $1 million in investable assets. That translates to less than 1% of the region’s population holding about 36% of its wealth.

And an estimated 8,300 households held more than $10 million in investable assets, according to the report.

Conversely there were about 220,000 Silicon Valley households with fewer than $5,000 in total assets.

About 23% of Silicon Valley residents lived below the poverty threshold in 2021, a 3 percentage point increase from 2019. Two percent of Silicon Valley households, or about 22,000 households, did not hold bank accounts.

The report also noted that while income inequality was lessening statewide, down 1%, as well as nationally, down 3%, income inequality rose in Silicon Valley by 5% in 2021. Generally, the pace of income inequality growth since the 2009 recession has been twice that of the nation, the report said.

The disparities in Silicon Valley began in earnest in the 1990s, when the internet economy first took off, and grew more pronounced after 2010, following the Great Recession. The first two years of the pandemic exacerbated the inequality, the report said.

 

 

Copyright © 2023 Bay City News, Inc.  All rights reserved.  Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.

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AlejandroLazo/CalMatters0053a02/18/23

 

https://calmatters.org/california-divide/2023/02/silicon-valley-inequality/

 

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Oakland Post: Week of March 29 – April 4, 2023

The printed Weekly Edition of the Oakland Post: Week of March 29 – April 4, 2023

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The printed Weekly Edition of the Oakland Post: Week of March 29 - April 4, 2023

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National Coalition of 100 Black Women SF ‘Hats and Gloves’ Tea Returns

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The annual fundraiser gave guests an afternoon of sipping tea, sampling desserts and appetizers while exchanging stories, and sharing a special bond with other Black women in the community.

By Carla Thomas

Glamorous hats, St. John suits, Ferragamo shoes, and more glitzy fashion adorned some of the most powerful women in the San Francisco Bay Area at the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea.

Themed “Bridging the Generations,” the event was held in the Venetian Room of the Nob Hill Fairmont Hotel on Saturday, March 11, where more than 400 women celebrated the beauty, strength and resilience of Black women.

Frances Cohen, president of the National Coalition of 100 Black Women (NCBW) SF chapter at the Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

Frances Cohen, president of the National Coalition of 100 Black Women (NCBW) SF chapter at the Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

The annual fundraiser gave guests an afternoon of sipping tea, sampling desserts and appetizers while exchanging stories, and sharing a special bond with other Black women in the community.

Guests also took pictures, participated in both silent and live auctions with proceeds benefitting the NCBW-SF’s educational, financial and civic programs. Due to the pandemic, the in-person tea event had been postponed for three years.

Ida Hurst is pretty in pink at the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

Ida Hurst is pretty in pink at the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

A passion-filled keynote speech by educator and community advocate Dr. Veronica Hunnicutt, founder of the Hunnicutt Foundation, encouraged established women to assist other women on their career, educational and political journeys.

“Were it not for the Honorable Doris Ward, I would not have had the numerous opportunities I’ve had,” Hunnicutt said. “Exercise your gifts, they will carry you far.”

Hunnicutt is also the author of the “Straight Talk,” book series to empower young Black men and women. Well known as an education change agent, she serves as dean for San Francisco City College’s Southeast campus in the Bay View district of the city.

During her speech, Hunnicutt humbly gave thanks to NCBW SF president Sharon Lee and shared the accomplishments of comrades and colleagues throughout the room. She also paid homage to her own mother for providing a solid foundation in life and for being a straight-forward parent.

Guests (l-r) Mary Cole, Barbara Henry and Mary Dixon show off their outfits at the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea, “Bridging the Generations.”  Photo by Carla Thomas.

Guests (l-r) Mary Cole, Barbara Henry and Mary Dixon show off their outfits at the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea, “Bridging the Generations.” Photo by Carla Thomas.

Honorees of excellence included Wanda M. Holland Green of The Hamlin School who was presented with the Education Award. Joi Jackson Morgan of Third Street Youth Center and Clinic received the Trailblazer Award, and the Community Service Award was presented to Shakirah Simley of the Booker T. Washington Community Service Center.

Ingrid Merriwether of Merriwether & Williams Insurance received the Entrepreneur Award and Aline Armstrong of the San Francisco Department of Public Health received the Health Award.

Dr. Veronica Hunnicutt praised her mother and Doris Ward in her keynote address for the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

Dr. Veronica Hunnicutt praised her mother and Doris Ward in her keynote address for the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo by Carla Thomas.

The Art Award was presented to visual artist, Karen Seneferu, founder of “The Black Woman is GOD” exhibit and the Advocacy Award was presented to Healing 4 Our Families & Our Nation founder, Mattie Scott. The Golden Girl Award was presented to Cathy Davis of the Bay View Senior Services Agency and the Golden State Warriors received the Corporate Award.

NCBW SF President, Sharon Lee said, “I am so grateful to have the opportunity to have our Tea in person and honor eight individuals and one corporation who have demonstrated their commitment to supporting our community.”

Dr. Veronica Hunnicutt, CEO of the Hunnicutt Foundation keynotes the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo courtesy NCBW SF.

Dr. Veronica Hunnicutt, CEO of the Hunnicutt Foundation keynotes the National Coalition of 100 Black Women (NCBW) SF Golden Girls Hats and Gloves Tea. Photo courtesy NCBW SF.

Health Committee Chair Carletta Jackson Lane said, “The thing I love most about our Tea is that it allows Black women to come together in one place to enjoy each other and celebrate each other as we raise funds for our community programming.”

Former president of the organization Maxine Hickman of Hickman Homes said, “our Tea gives us an opportunity to celebrate the best of us by awarding our honorees and raising funds for our year-round programming in education, health, economic empowerment, and public policy.”

The events program booklet featured an ad for the Doris Ward Workforce Job Training Program offering women ages 18-59 a paid leadership development skills course. For more information visit: ncbw-sf.org.

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State Attorney General Issues Consumer Alert for Storm Price Gouging

In response to Gov. Gavin Newsom’s declaration of a state of emergency, California Attorney General Rob Bonta warned consumers that price gouging during the state’s series of storms is illegal. On Wednesday, Bonta issued a consumer alert reminding residents that it is against the law for sellers to increase prices by over 10%. The law applies to sellers with food, emergency or medical supplies, building materials and gasoline for sale.

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Attorney General Rob Bonta
Attorney General Rob Bonta

By Bay City News

 

In response to Gov. Gavin Newsom’s declaration of a state of emergency, California Attorney General Rob Bonta warned consumers that price gouging during the state’s series of storms is illegal.

 

On Wednesday, Bonta issued a consumer alert reminding residents that it is against the law for sellers to increase prices by over 10%. The law applies to sellers with food, emergency or medical supplies, building materials and gasoline for sale.

 

Also prohibited are extreme price spikes for reconstruction services, cleanup services, transportation services and rental housing and hotel accommodations.

 

Sellers are exempt from the prohibition if the price of labor, goods or materials have increased.

 

Violators are subject to fines up to $10,000 or a one-year county jail sentence, and civil penalities.

 

Californians who believe they were a victim of price gouging are urged to report the incident to local authorities or to Bonta’s office at oag.ca.gov/report.

 

Copyright © 2023 Bay City News, Inc.  All rights reserved.  Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.

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