Oct 19, 2023 - Economy & Business
Black household wealth spikes, Fed survey finds
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The Federal Reserve's survey of consumer finances showed a sharp rise in wealth among Black households.
Why it matters: The 60% increase in median net worth of Black households between 2019 and 2022 suggests their financial well-being recovered far faster after the pandemic than it did after the Great Recession.
- Black households experienced the largest jump, percentage-wise, in median net worth of any racial group or ethnicity captured by the survey.
Yes, but: The median net worth of Black households is the lowest among the groups included in the survey.
- The median for white households was $285,000, while Hispanic households had a median net worth of $61,600, compared to the $45,000 median for Black households.
