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Rich Getting Richer, Poor Getting Poorer

The socio-economic gaps are widening: More Israelis earn 100,000 shekels a month, and many more earn less than 500.
By Hillel Fendel
First Publish: 12/21/2009, 2:22 PM

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The socio-economic gaps are widening: More Israelis earn 100,000 shekels ($26,000) a month, and many more earn less than 500.

Statistics collected by the Knesset Information Center, Finance Ministry and National Insurance Institute show that the gaps between rich and poor have grown wider over the past decade.

There are today some 3,000 Israelis who earn more than 100,000 shekels a month (1.2 million shekels, or $315,000) a year), while 72,000 wage-earners make less than 500 monthly shekels, or only 6,000 shekels a year. This compares with 2,500 “millionaires” and 50,000 people earning under 500 shekels 10 years ago.

In addition, more and more Israelis are earning less than the average wage, the daily Yisrael HaYom reports. Families in the lowest 10 percent bracket earn an average of 1,138 monthly shekels; those in the highest 10 percent bracket bring in an average of over 48,800 shekels.

Tel Aviv’s average wage is the highest among Israel’s cities – 8,028 shekels a month. In Jerusalem, the average wage is only 5,800 shekels.