Jul 26, 2011 | By Page May
The PEW Research Center released a new report on the racial wealth gap this morning. The publications affirms that the gap between people of color and white people is widening- and is now at its largest on record!
The study's release has inspired a fluster of news articles discussing the current state of racial disparity in the United States.Three particularly popular articles are from Politico, The New York Times, and the Associated Press. A sample of interesting facts highlighted in these include:
"The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation's economic expansion lifted many low-income groups to the middle class."
"About 35 percent of black households and 31 percent of Hispanic households had zero or negative net worth in 2009, compared with 15 percent of white households. In 2005, the comparable shares were 29 percent for blacks, 23 percent for Hispanics and 11 percent for whites."
"Hispanic families accounted for the largest single decline in wealth of any ethnic and racial group in the country during the recession."
"Across all race and ethnic groups, the wealth gap between rich and poor widened. The share of wealth held by the top 10 percent of U.S. households increased from 49 percent in 2005 to 56 percent in 2009. The threshold for entry into the wealthiest top 10 percent, however, dipped lower: from $646,327 in 2005 to $598,435."
These articles are definitely worth a read. Here at Mind the Gap!, we're excited for this important issue to be getting so much attention!
And in case you missed it, check out our fact sheet on 10 Shocking Facts of the Racial and Ethnic Wealth Gap here.