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Income by race and ethnicity and Asian American groups 2024 (Household and Per Capita) Wages from the labor market are the primary source of income for most families in America, [6] and income is a socio-demographic status indicator that is important in understanding the building of wealth. [7]
Wealth is most commonly obtained over time, through the steady investing of income, and the growth of assets. The income of one year does not typically encompass the accumulation over a lifetime. Income statistics cover too narrow a time span for it to be an adequate indicator of financial inequality.
The wealth gap between Caucasian and African-American families studied nearly tripled, from $85,000 in 1984 to $236,500 in 2009. The study concluded that factors contributing to the inequality included years of home ownership (27%), household income (20%), education (5%), and familial financial support and/or inheritance (5%). [ 11 ]
Closing the wealth gap is more difficult because a significantly larger number of white households traditionally have money in stocks and mutual funds. A separate Fed survey shows that as of 2022, about 65.6% of white households had investments in stocks, compared with 28.3% for Hispanic households and 39.2% for Black households.
For every $100 the average white family had in wealth, the average Black family had $15.75, per 2022 Federal Reserve data.
However, the wealth gap has only widened. In 2022, the Urban Institute reported the average Black household had roughly $211,000 in wealth, while the average Hispanic household had roughly $227,544.
But what's causing the wealth gap? ... Updated December 4, 2024 at 12:33 PM. Homeownership has long been known as a tool for building wealth and lifting Americans into the middle class. But a new ...
The United States Census has race and ethnicity as defined by the Office of Management and Budget in 1997. [1] The following median household income data are retrieved from American Community Survey 2021 1-year estimates. In this survey, the nationwide population was 331,893,745 in 2021. [2]