The average white family accumulated $677,656 in total assets in 2013, more than six times that of Latino families and seven times that of African-American families, according to a new study that shows ethnic minorities slipping behind in the post-recession economy.
The Urban Institute released a series of graphics that shows the wealth gap between white and non-white families widening from a multiple of five in the early 80’s to multiples of six and seven by 2013.
Urban Institute’s researchers highlighted several drivers of disparity, including lower rates of homeownership among non-white families, smaller savings accounts and heavier loads of student debt. Together, these trends suppress lifetime earnings, making disparities toward the end of life particularly acute.
“By their 60s, whites have over $1 million more in average wealth than African Americans (11 times as much),” write the study’s authors.