Black wealth increased, but so did the wealth gap

by

FILE - An American flag flies over the Federal Reserve building on May 4, 2021, in Washington. (AP Photo/Patrick Semansky, File)
Reading Time: < 1 minute

A recent report from the Brookings Institute reveals a concerning trend. The racial wealth gap in America widened significantly during the COVID-19 pandemic. According to the Federal Reserve Survey of Consumer Finances, between 2019 and 2022, the median wealth gap between white and Black households increased nearly $50,000, a staggering over $240,000.

While overall wealth grew across racial groups, the increase was uneven. Median wealth for Black households rose $44,890, yet this pales in comparison to the $285,000 for white households and $536,000 for Asian American households. This disparity highlights deep rooted inequalities with white households possessing $100 for every $15 held by Black households.

This data underscores centuries of discrimination in public policy and financial practices. Despite progress, the wealth gap remains a stark reminder of persistent economic divide.


Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.

advanced divider
advanced divider
Advertisement