Family income up for first time since Great Recession

WASHINGTON (AP) – A Federal Reserve survey finds that middle-class American families grew richer between 2013 and 2016, their first such gains since the Great Recession.

Wealthier families did even better.

The survey found that the median net worth of all American families rose 16 percent last year from 2013 to $97,300. The median is the point where half of families fall below and half above.

The richest 1 percent of families now hold nearly 39 percent of U.S. wealth, up from 36.3 percent in 2013.