Pew study: There’s a massive wealth gap along racial lines
- $113,149 average net worth of a white household in 2009
- $5,677 average net worth of a black household in 2009 source
» That is a stark difference. In their latest study, Pew compared the net wealth of families in various racial groups and found that blacks and Latinos in particular did very poorly compared to whites. (Asians, on the other hand, were somewhat within shouting distance. EDIT: Please see explanation.) This is a historic trend which has lasted decades, but has become all the more apparent with the Great Recession. “The bursting of the housing market bubble in 2006 and the recession that followed from late 2007 to mid-2009 took a far greater toll on the wealth of minorities than whites,” Pew writes in its study. While net wealth among whites fell roughly 16 percent, blacks families lost about 53 percent, and Latino families lost the most — losing 66 percent of their wealth on average.