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Nine households control 15% of wealth in Silicon Valley as inequality widens
Report finds wealth divide widened in Silicon Valley at double the rate of the whole US over the past decade
Economic inequality has reached a staggering milestone in Silicon Valley: just nine households hold 15% of the region’s wealth, according to new research from San Jose State University. And although shareholders have voiced commitments to diversity, equity and inclusion, only 3% of employees working in research and development at Apple are Black (compared with 6% Hispanic/Latino, 36% white and 50% Asian). However, the report did note certain improvements in the Silicon Valley area – including a decrease in police use of force incidents in San Jose, an expansion in services to prevent homelessness and environmental sustainability programs.
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