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Wealth gap yawns wide between UK s ethnic groups: Think tank
Shoppers, some wearing masks because of the coronavirus pandemic, walk along Regent Street in the main high-street shopping area of London on Dec 15, 2020. (Photo: AFP/Daniel Leal-Olivas)
23 Dec 2020 10:36AM Share this content
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LONDON: People of black African ethnicity in Britain typically have just one eighth of the wealth of white British people, an economic think tank said, calling for reforms to narrow the wealth divide between ethnic groups.
The Resolution Foundation said the differences impacted the ability of households to cope with the COVID-19 crisis.
The Resolution Foundation said the differences affected the ability of households to cope with the COVID-19 crisis.
People of Black African ethnicity had on average 24,000 pounds ($32,175) of family wealth per adult, rising to 31,000 pounds ($41,569) for people of Bangladeshi ethnicity and nearly 42,000 pounds ($56,320) for those with mixed white and Black Caribbean ethnicity.
People of white British ethnicity held 197,000 pounds ($264,166) of family wealth per adult, the Resolution Foundation said.
At least half of Black African, Bangladeshi and Black Caribbean ethnicity households held less than 1,000 pounds ($1,340) in savings before the coronavirus pandemic hit.
“Despite significant progress in closing education and employment gaps between different ethnic groups, these wealth gaps are likely to persist,” George Bangham, an economist at the Resolution Foundation, said.
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A yawning wealth gap between different ethnic groups in the UK has had a serious impact on the ability of families to cope financially during the coronavirus crisis, a think tank has warned.
And the divide was likely to persist unless action is taken by the government, the Resolution Foundation said.
Its report found people of black African ethnicity typically had the least assets at just £24,000 family wealth per adult - less than one eighth of that held by a white British household.
In stark contrast, someone of white British ethnicity had £197,000 family wealth per adult on average.
This meant the gulf between the ethnic groups with highest and lowest median household wealth had grown to £173,000, according to the think tank s report A Gap Which Won t Close.