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White Americans have far more wealth than Black Americans. Here’s how big the gap is

By Tami Luhby, CNN
Published 1:42 PM EDT, Tue October 31, 2023
Despite making gains in recent years, the wealth of Hispanic and Black American households remains a fraction of their White counterparts in the United States.

The net worth of the typical Black and Hispanic household in 2022 was $44,900 and about $61,600, respectively, according to the Federal Reserve’s latest Survey on Consumer Finances, a triennial report released this month that provides a comprehensive look at Americans’ financial circumstances.

That’s up more than 61% for Black households and 47% for Hispanic households since the Fed’s last survey in 2019.

Even with these gains, their wealth remains only a fraction of that of White households, whose median wealth was $285,000 last year, up 31% from 2019.

Asian Americans had the highest median net worth at $536,000, the first year their wealth was broken out in the survey. Edward Wolff, a professor of economics at New York University, said Asian Americans have higher incomes and much lower poverty rates than White Americans, which drives up their median wealth.

CNN

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