White Millionaires Outpace Black and Hispanic Wealth
New Federal Reserve data shows that 15% of white families reported being millionaires, compared with 7% in the Fed's 1992 Survey of Consumer Finances. The dramatic growth in white millionaires reflects a widening economic gulf, with the top 1% of households holding 24% of income in 2016, a record high. But what’s most interesting is the deepening racial and ethnic disparity the report highlights. The percentage of Black and Hispanic households worth more than $1 million has remained around or below 2% since 1992. According to the data, white families vastly outperform African Americans and Hispanics in several key indicators of wealth: homeownership and equity, investments, and inheritance. Black and Hispanic families are also much less likely than their white counterparts to inherit wealth. One-quarter of white households reported receiving an inheritance, compared to 8% of Blacks and 5% of Hispanics. More here.