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The wealth gap between whites and Blacks in the United States showed no signs of narrowing over the three years that ended in 2019, according to the latest data from the Federal Reserve released Monday.
The typical white family has eight times the wealth of the typical Black family and five times the wealth of the typical Hispanic family, the Fed said, in its comprehensive report on consumer finances.
The median wealth of white families was $188,200 at the end of 2019 while the median wealth of Black families was $24,100. Hispanic families’ median wealth was $36,100.
The mean is substantially higher as there are more white families in the top of the wealth distribution, the Fed noted.
The mean wealth of white families was $983,400 compared with $142,500 for Black families and $165,500 for Hispanics.
Between 2016-2019, wealth grew for all races. Black and Hispanic wealth actually rose faster than for white families. The typical Black and white families have yet to recover their pre-Great Recession levels of wealth.
