By Rakesh Kochhar and Richard Fry
PEW Research - December 12, 2014
The Great Recession, fueled by the crises in the housing and
financial markets, was universally hard on the net worth of American
families. But even as the economic recovery has begun to mend asset
prices, not all households have benefited alike, and wealth inequality
has widened along racial and ethnic lines. The wealth of white households was 13 times the median wealth of
black households in 2013, compared with eight times the wealth in 2010,
according to a new Pew Research Center analysis of data from the Federal
Reserve’s Survey of Consumer Finances.
Likewise, the wealth of white households is now more than 10 times the
wealth of Hispanic households, compared with nine times the wealth in
2010. The current gap between blacks and whites has reached its highest
point since 1989, when whites had 17 times the wealth of black
households. The current white-to-Hispanic wealth ratio has reached a
level not seen since 2001. (Asians and other racial groups are not
separately identified in the public-use versions of the Fed’s survey.) Leaving aside race and ethnicity, the net worth of American families
overall — the difference between the values of their assets and
liabilities — held steady during the economic recovery. The typical
household had a net worth of $81,400 in 2013, according to the Fed’s
survey — almost the same as what it was in 2010, when the median net
worth of U.S. households was $82,300 (values expressed in 2013 dollars).
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