Federal Reserve Board’s Survey of Consumer Finances

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Racial wealth gap grows


Why have middle-income Blacks and Hispanics seen little, if any, improvement in their economic status relative to Whites? New research from the Urban Institute’s Opportunity and Ownership Project points to an ever-widening wealth chasm. In 2010, White families averaged six times the wealth of Black and Hispanic households ($632,000 versus $98,000 and $110,000, respectively), up from a five-to-one ratio in 1983. Wealth is total assets, such as bank and retirement accounts and home value, minus debts, including mortgages, student loans, and credit-card balances. The income gap, by comparison, is much smaller. Continue Reading →

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