Long-standing wealth gap between Blacks and whites remains substantial, Fed data for 2019 show

www.marketwatch.com
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fairly difficult
Typical white family has eight times the wealth of typical Black family
The wealth gap between whites and Blacks in the United States stayed stubbornly wide 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.

The Fed survey reflected that the wealth growth rate for Black families rose at a faster pace over the past three years than it did for White families. That said, in absolute dollar terms, the faster pace of…
Greg Robb
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