Usually we vaguely mean both wealth and income when we speak of inequality, but in any case they are convertible. The high-wealth people aren't living on income. They are living on investments, which have taken a hit from the increased wages.

I specifically said "More recently" regarding the USA, so why object to it being over two years? Two years is recent. Things have gotten dramatically better for the less-well-off people over the past two years. This is something to be optimistic about.