Minnesota's Richest 1 Percent Received Majority of Economic Recovery

On Monday the Economic Analysis and Research Network released a report titled The Increasingly Unequal States of America, which contained a state-by-state breakdown illustrating the top 1 percent of earners' maddeningly lopsided share of our country's recovery from recession.

Overall Minnesota's 1 percent swallowed up 56 percent of the state's total income growth from 2009 to 2012, which is the period the study examined.

See also: How Rich Are Minnesota's Congress Members?

Minnesota landed near the middle of the pack on most of the metrics measured to compare 1 percenters' income growth against the regular masses.

Total income increased 10.4 percent statewide -- an average of 37.9 percent for the 1 percent and 5.4 percent for everyone else.

It could be worse. There are 16 states where the richest 1 percent got richer while everyone else got poorer, on average. In fact, the average income of the bottom 99 percent in America fell coming out of the recession by an average of 0.4 percent, while the top 1 percent rose 36.8 percent.

"In sum, only the top 1 percent gained as the economy recovered," the study concludes.

To make it into Minnesota's top 1 percent you need to earn $414,000 per year. To make it into the top .01 percent that figure rises to $8.4 million, and the average income of the top .01 percent in Minnesota is $25.5 million.

If you're looking for a quick way to get into that .01 percent club, tonight's Powerball is worth an estimated $261 million. Now quit reading and get back to work.

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