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Story at a glance Most U.S. families got wealthier during the COVID-19 pandemic, according to a new Pew Research Center study released Monday. But wealth gaps existed and persist among different ...
Still, these gains are tempered by the fact that the wealth gap widened by about $50,000 when comparing the net worth of White Americans in 2022 with that of Black and Hispanic Americans in ...
In one measure of the steep U.S. wealth gap, the Federal Reserve reports that as of the first quarter of 2024, White Americans owned assets worth $141.5 trillion. Black Americans had $6.7 trillion ...
The racial wealth gap could be reduced by 10% over three generations if Black households wrote wills at the same rate as white ones, according to a recent study.
Black Americans, however, have not been included in the move towards America's economic growth. [19] In America, there is a substantial difference in unemployment between blacks and whites: to be exact, unemployment among black people is 6% compared to 3.1% among white people (the data was collected prior to the COVID-19 pandemic). [19]
And the disparity has only grown wider since the recession. From 2007 to 2010, black families’ retirement accounts shrank by 35 percent, whereas white families, who are more likely to have other sources of money, saw their accounts grow by 9 percent. The result is that millennials of color are even more exposed to disaster than their peers.
Because of the uneven increases, the wealth gap between white and Black families expanded by about $50,000, bringing the total wealth disparity to more than $240,000.
Thomas M. Shapiro (born 1947) is a professor of Sociology and Public Policy at Brandeis University and is the author of The Hidden Cost of Being African American and the co-author of Black Wealth/White Wealth. Shapiro's current professional titles include the Pokross Professor of Law and Social Policy and the Director of the Institute on Assets ...