Recently released data from the Federal Reserve provide a stark reminder of the extent of racial and ethnic economic gaps in our economy, particularly regarding wealth.
The Fed's Survey of Consumer Finances allows us to compare both income and net worth (assets minus debts) between white (non-Hispanic) and non-white families (the sample sizes are too small to break non-whites into component groups).
The data in the report reveal that in 2004, minority incomes were about 56% that of whites.
However, a far larger gap exists when we compare net worth: minorities' net worth was about 27% of whites, about half the size of the income ratio.
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