The Federal Reserve found that black households had an increase in wealth of 60% from 2019.
Last year's Survey of Consumer Finances was released Wednesday to report that the median wealth of these black households went up to $45,000. This was the largest percentage increase of any race recorded in 2022.
EXISTING HOME SALES FALL TO LOWEST LEVEL SINCE 2010 AS HIGH MORTGAGE RATES FREEZE MARKET
However, this median is still the lowest despite the recent jump, with the median wealth of white households at $285,000, Asian households at $536,000, and Hispanic households at $61,600. This report found that even though they are still trailing behind, black households recovered better after the pandemic than they did following the Great Recession.
"Taking a slightly longer-run view, since the Great Recession the typical Black and Hispanic family has had between about $10 to $15 of wealth for every $100 held by the typical White family," the report read. "This ratio has closed only modestly in the past two surveys. The typical Black family went from having about $9 in wealth for every $100 held by the typical White family in 2013 to around $16 in 2022; the typical Hispanic family went from having about $10 in wealth for every $100 held by the typical White family in 2013 to around $22 in 2022."
This report comes as activist groups like Black Lives Matter have long pointed to the difference in wealth distribution as a racial problem.
"We continue to experience the widening of the wealth gap, the erosion of workers' rights, and right-wing efforts to undermine unions — all at the particular expense of our Black working class," Black Lives Matter posted on X last month.
We continue to experience the widening of the wealth gap, the erosion of workers' rights, and right-wing efforts to undermine unions -- all at the particular expense of our Black working class.
— Black Lives Matter (@Blklivesmatter) September 4, 2023
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
According to the Federal Reserve, the real wages of black and Hispanic respondents in the survey stagnated. Yet, this did not deter them from home, stock, and business ownership, as both groups increased in this aspect more than white respondents.
Government assistance in the form of COVID-19 relief funds for people and businesses likely also played a role. As these programs have since ended, next year's survey is expected to be affected.