Net Worth by Race

The Satellite
1

This from Forbes article.
Seems about right ?
What you would expect ?
Anybody see this as a problem ?
Anybody care to explain it away or attack the data and summarization?

Average Net Worth by Race or Ethnicity

The Federal Reserve reports the following average and median net worth amounts by race or ethnicity as of 2019. The Federal Reserve only breaks race or ethnicity into four categories, meaning some nuance is lost.

Race or Ethnicity Average Median
White, non-Hispanic $980,550 $189,100
Black, non-Hispanic $142,330 $24,100
Hispanic $165,540 $36,050
Other $656,600 $74,500
2

Small numbers of high-wealth households really skew the “average” away from the “median.”

Does “other” include multi-racial households such as my own (White and Asian)?

3

The biggest issue in the African American community are two fold 1) inner city schools suck 2) they don’t have access to capital.

Both of these issues should be our focus. We have had the generational poverty issue for … well… generations and it needs to be fixed. Both of these issues can be fixed.

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4

How does our Federal Reserve acquire this data?

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5

Good question. Net worth is not a data point on your personal tax return. So it would have to be based on loan applications.

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6

I knew I shouldn’t have had kids. I’d be a millionaire by now.

7

You’re never going to fix inner city schools, most of which do the best job they can and have some success, until you fix the communities in which they’re located.

8

That is exactly what I saw…… mean is way too far from median…… white billionaires skewing the data….

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9

I’d still ask why the billionaires are almost all white. Not sure it changes the story at all.

10

This is my question as well, but my first take was what
would this look like if we could remove the top 1% or
0.5 % white billionaires, much as what UHlaw asked.

11

Not sure I follow you here. Looks like it’s still 6x
between the groups for median. But maybe I’m missing
your point.

We all live in a very different America.

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