White Americans Now Have 20 Times the Wealth of Black Americans The Racial Wealth Gap Grew Significantly in the New Recession
When the housing bubble burst, a lot of blacks and Latinos took a big hit that's left an extra-wide gulf between them and whites.
We've known for a while now that the wealth disparities in this country are inextricably linked to racial disparities. Sadly, the new recession is only augmenting that problem. The median wealth of white households in America is now 20 times that of black households and 18 times the wealth of Latino households, according to a new study from the Pew Research Center. And in case you're thinking that means whites have $1 million while blacks only have $50,000, think again: The typical net worth of a white household is $113,000 while the typical net worth for a black household is a paltry $5,600, not even the cost of a new car.