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Wealth gap widens between races
The Great Recession has widened the wealth gap, and race is a major factor.
June 21st, 2012
09:00 AM ET

Wealth gap widens between races

By Tami Luhby,  @CNNMoney

NEW YORK (CNNMoney) - White Americans have 22 times more wealth than blacks - a gap that nearly doubled during the Great Recession.

The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.

The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.

The gap between the races widened considerably during the recent economic downturn, which whites weathered better than blacks, Hispanics and Asians.

The latter three groups saw their median household net worth fall by roughly 60% between 2005 and 2010, while the median net worth for white households slipped only 23%.

This allowed whites to leap ahead of Asians as the race with the highest median household net worth.

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Filed under: Economy • History • How we live • Race
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