The wealth gap between whites and minorities has risen to a historic high, according to new census data analyzed by the Pew Research Center, as the collapse of housing prices more severely affected the net worth of African American and Hispanic households.
The report, which was to be released Tuesday, shows that the recession wreaked havoc on the wealth of all Americans but that whites lost the least amount as a percentage of their holdings.
Between 2005 and 2009, the median net worth of Hispanic households dropped by 66 percent and that of black households fell by 53 percent, according to the report. In contrast, the median net worth of white households dropped by only 16 percent.
The median net worth of a white family now stands at 20 times that of a black family and 18 times that of a Hispanic family — roughly twice the gap that existed before the recession and the biggest gap since data began being collected in 1984.
Wealth gap widens between whites, minorities, report says - The Washington Post
The report, which was to be released Tuesday, shows that the recession wreaked havoc on the wealth of all Americans but that whites lost the least amount as a percentage of their holdings.
Between 2005 and 2009, the median net worth of Hispanic households dropped by 66 percent and that of black households fell by 53 percent, according to the report. In contrast, the median net worth of white households dropped by only 16 percent.
The median net worth of a white family now stands at 20 times that of a black family and 18 times that of a Hispanic family — roughly twice the gap that existed before the recession and the biggest gap since data began being collected in 1984.
Wealth gap widens between whites, minorities, report says - The Washington Post