White households’ median wealth ticked up to $141,900 in 2013, up 2.4 percent from three years earlier, according to a Pew Research Center report released Friday.
Net worth for black households dropped by a third during that time to $11,000. Hispanic families experienced a 14 percent decline in wealth to $13,700.
Whites have 13 times the net worth of blacks, the largest wealth gap that’s existed since George H.W. Bush was president in 1989. The ratio of net worth between whites and Hispanics now stands at more than 10, the widest it has been since 2001.
Much of the focus in recent years has been the growth in income inequality, with the Top 1 percent capturing most of the post-Recession gains. But wealth inequality is also troubling.
There are several reasons for the growing gap, says Pew, citing Federal Reserve Bank data.
Minority households’ median income fell 9% between 2010 and 2013, compared to a drop of only 1% for whites. So minority households may not have been able to sock away as much or may have had to use more of their savings to cover expenses.
13 times the net worth of blacks. Post-racial America indeed.