The New York Times > National > Study Says White Families' Wealth Advantage Has Grown:
"The enormous wealth gap between white families and black and Hispanic families grew larger after the most recent recession, a private analysis of government data has found."
"Having more assets enabled whites to ride out the jobless recovery better," Mr. Suro said.
According to the group's analysis of Census Bureau data, nearly one-third of black families and 26 percent of Hispanic families were in debt or had no net assets, compared with 11 percent of white families.
"Wealth is a measure of cumulative advantage or disadvantage," said Roderick Harrison, a researcher at the Joint Center for Political and Economic Studies, a Washington research organization that focuses on black issues. "The fact that black and Hispanic wealth is a fraction of white wealth also reflects a history of discrimination."
After accounting for inflation, net worth increased 17 percent for white households from 1996 to 2002 and 14 percent for Hispanic homes, to about $7,900. It fell for black households by 16 percent, to roughly $6,000.
The median net worth for all American households, representing all races and ethnicities, was $59,700 in 2002, a 12 percent gain from 1996.
Only white homes recouped all their losses from 2001 to 2002. Both Hispanics and blacks lost nearly 27 percent of net worth from 1999 to 2001; the next year Hispanics gained it almost all back (26 percent), while blacks were up only about 5 percent.…
http://www.nytimes.com/2004/10/18/national/18wealth.html
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