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Wealth disparities by race grew during the pandemic, despite income gains, report shows

Wealth disparities by race grew during the pandemic, despite income gains, report shows
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New yorkUnited statesWalley adeyemoJanelle jonesEconomic policy instituteCharles schwabFederal reserveCharles schwab foundationBureau of labor statisticsYork federal reserve bankAssociated pressWashington centerNew york federal reserve bankBlack americansVice presidentNew york fed

Wealth disparities by race grew during the pandemic, despite income gains, report shows

A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show. According to a report from the New York Federal Reserve Bank, the real net worth of white individuals outgrew that of Black and Hispanic individuals by 30 percentage points, and 9 percentage points respectively, from the first quarter of 2019 through the second quarter of 2023. The period featured a remarkable level of government financial support and, after the initial shock of the pandemic, a surprisingly strong job market. But neither the government stimulus nor the improved income changed the distribution of wealth.

New yorkUnited statesWalley adeyemoJanelle jonesFederal reserveWashington centerCharles schwab foundationYork federal reserve bankAssociated pressBureau of labor statisticsCharles schwabEconomic policy instituteNew york federal reserve bankBlack americansVice presidentNew york fed

Wealth disparities by race grew during the pandemic, despite income gains, report shows

A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show

United statesNew yorkWalley adeyemoJanelle jonesCharles schwabCharles schwab foundationEconomic policy instituteAssociated pressWashington centerBureau of labor statisticsFederal reserveYork federal reserve bankNew york federal reserve bankBlack americansVice presidentNew york fed

Wealth Disparities by Race Grew During the Pandemic, Despite Income Gains, Report Shows

Wealth Disparities by Race Grew During the Pandemic, Despite Income Gains, Report Shows
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New york stock exchangeNew yorkUnited statesWalley adeyemoJanelle jonesJerome powellEconomic policy instituteFederal reserveWashington centerYork federal reserve bankYork stock exchangeBureau of labor statisticsFederal reserve chair jerome powellRichard drewNew york federal reserve bankBlack americans

Wealth disparities by race grew during the pandemic, despite income gains, report shows

NEW YORK (AP) — A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic,

United statesNew yorkWalley adeyemoJanelle jonesFederal reserveWashington centerCharles schwabAssociated pressBureau of labor statisticsYork federal reserve bankEconomic policy instituteCharles schwab foundationNew york federal reserve bankBlack americansVice presidentNew york fed