By the end of the year, the average person will have more than doubled in terms of their disposable income over the past 15 years.
The median household income has risen from $53,937 in 2013 to $58,869 in 2020, according to a report released last month by the Federal Reserve.
While many workers have not seen any income growth since 2008, some are seeing a dramatic uptick in income.
One of the biggest changes in income has been to the median household in the United States, where the median income increased from $45,717 in 2013 (the last year for which data was available) to $55,716 in 2020.
In addition, income has increased for a large swath of the population.
While there were no significant increases for the lowest earners in the population, they have seen their income rise significantly over the same time period.
The top 10 percent of the country saw their income increase by a staggering $14,967.
The top 1 percent saw their share of the national income rise from 12.2 percent in 2013 and now stands at 13.6 percent.
This is the largest increase in income of any quintile in the country over the last 15 years, according the report.
In the Midwest, income growth is more than doubling, while in the Northeast, the top 10 and top 1 share nearly identical shares of the nation’s income.
The average household income in the Midwest rose from $42,913 in 2013 ($58,534 in 2020) to over $50,000 in 2020 and is expected to continue to rise, the report says.
This trend of increasing income is a phenomenon that is likely to continue throughout the country.
“Over the next few years, the typical worker will be seeing a significant increase in their disposable incomes,” according to the report, released by the Committee for a Responsible Federal Budget.
“The average worker is likely already spending a disproportionate share of their income on essentials like food, clothing and transportation.
This trend of rising disposable income will continue to accelerate.”