Change In Family Wealth By Race & Ethnicity, 2007-2010 [CHART]
The Great Recession widened the wealth gap between whites and minorities in the US, according to [PDF] a new report from the Urban Institute. Between 2007 and 2010, Hispanic families lost 44% of their average wealth (measured as total assets minus total liabilities and debts), compared to a 31% loss for blacks and a relatively more modest 11% decline for whites. Hispanics were particularly hard hit by the real estate collapse, with their average home equity plummeting by 49%.
Blacks (-28%) and whites (-24%) were less affected, though by a similar amount.
Interestingly, the picture is different when it comes to retirement assets. Between 2007 and 2010, blacks saw their retirement assets fall the most, by 35%. That’s twice as steep a decline as experienced by Hispanics (-18%). Whites, though, actually saw their retirement assets increaseduring the period, by 9%. Read the rest at MarketingCharts.