The 2023 Silicon Valley Pain Index found the gap between the richest residents in Silicon Valley and the poorest is widening.
"We know .001 percent owns six times more wealth than the bottom 500,000 in Silicon Valley," said Scott Myers-Lipton, a San Jose State University sociology professor and lead author of the pain index.
Myers-Lipton also said when it comes to pay, the gender wage gap is also widening.
"The gap for college-educated people between men and women is $59,000," he said.
The report found there is persistent racial inequality, with 16% of African Americans living in poverty.
Another concern is 28% of Silicon Valley households do not earn enough money to meet the most basic needs without assistance and the number of people needing food from Second Harvest Food Bank is skyrocketing.
"We're providing food to more than half a million people," Second Harvest Silicon Valley CEO Leslie Bacho said. "That's double what we saw before the pandemic."
Myers-Lipton said the goal of this year's pain index is to highlight what is happening in the community so policy makers can implement changes that make a real difference.
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