A new report details a stark and widening wealth disparity in Silicon Valley, revealing that the bottom half of the region's residents collectively own less than 1% of its wealth, while the wealthiest 10% hold a commanding 75%.
The findings are part of the annual Silicon Valley Pain Index, released by researchers at San Jose State University's Human Rights Institute. The report analyzes economic hardship across key areas including housing, food, childcare, employment, health, and education to track the growing divide.
"We have an even greater gap in income between the wealthiest and the rest of us," said lead author Anji Buckner-Capone. "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 report underscores the escalating cost of living in the heart of California's tech industry. In San Jose, residents now need an annual income exceeding $460,000 to afford a typical home, positioning it as one of the nation's most expensive major cities.
"We have abundant resources," Dr. Tony Iton, CEO of The Health Trust, 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."