More than half of Americans have more than $1 million in savings, while the median household income is just $55,000, according to a new study.
The median income in the US is $59,971, according the US Census Bureau.
That’s lower than the median of $58,921 in Germany, which has a median income of $54,919.
The OECD said that although median income may be higher in the United States, that does not mean the US economy is growing faster than other rich nations.
“This means that the US’s economic growth in the last two years has been below average and in many cases below the OECD average,” the OECD said.
“In addition, median incomes for people aged 65 and over have stagnated since 2010, despite rising median incomes across the OECD, which have increased in recent years.”
“These trends suggest that the United the United Sates economy remains in a weak recovery, with little hope of sustained recovery,” it said.
It also highlighted how the average household income in America has been stagnant for decades.
The average US household income for the bottom quintile of households has fallen by $2,200 since 2006, to $38,300.
That compares with a median of more than half a million dollars for a family of four, the study said.
However, the average US family of five is now worth more than a quarter of the median income, and that compares with just about half of the OECD.
“Although the gap between the United states and other wealthy nations has narrowed considerably in recent decades, there is still considerable inequality in the world, with some countries achieving considerably more than the US,” it added.
“It is also important to note that despite this narrowing, the US still has the largest inequality of all OECD nations, as it has the second highest average income per head of any OECD country.”
The OECD is the OECD body of rich countries.