5 Before we move on, we note that families were primarily interviewed for the 2019 SCF before the onset of the COVID-19 pandemic and associated changes to the economy. 4 In the remainder of this note, we use the SCF to shed light on how these factors differ by race and ethnicity and how patterns in wealth-holding have changed since the Great Recession. Among other factors, inter-generational transfers, homeownership opportunities, access to tax-sheltered savings plans, and individuals' savings and investment decisions contribute to wealth accumulation and families' financial security. This point-in-time observation is a result of many complex societal, governmental, and individual factors that play out over the life cycle and even across generations. The SCF data provide a snapshot of families' wealth at a point in time. Notes: Figures displays median (top panel) and mean (bottom panel) wealth by race and ethnicity, expressed in thousands of 2019 dollars. Source: Federal Reserve Board, 2019 Survey of Consumer Finances. The same patterns of inequality in the distribution of wealth across all families are also evident within race/ethnicity groups for each of the four race/ethnicity groups, the mean is substantially higher than the median, reflecting the concentration of wealth at the top of the wealth distribution for each group. Other families-a diverse group that includes those identifying as Asian, American Indian, Alaska Native, Native Hawaiian, Pacific Islander, other race, and all respondents reporting more than one racial identification-have lower wealth than White families but higher wealth than Black and Hispanic families. Hispanic families' median and mean wealth is $36,100 and $165,500, respectively. Black families' median and mean wealth is less than 15 percent that of White families, at $24,100 and $142,500, respectively. Black and Hispanic families have considerably less wealth than White families. In the 2019 survey, White families have the highest level of both median and mean family wealth: $188,200 and $983,400, respectively (Figure 1). 3 We will describe patterns at the median (the typical household within each group) and at the mean (the average among households in each group). 2 Wealth is defined as the difference between families' gross assets and their liabilities. We first analyze total wealth among families classified, according to their self-identification during the interview, as White non-Hispanic, Black or African American non-Hispanic, Hispanic or Latino, and other or multiple race (we will henceforth refer to these groups as White, Black, Hispanic, and other, respectively). This FEDS Note explores patterns in wealth holding by race and ethnicity, as well as some key issues related to the accumulation of wealth, using new data from the 2019 Survey of Consumer Finances (SCF). New data from the 2019 Survey of Consumer Finances (SCF) show that long-standing and substantial wealth disparities between families in different racial and ethnic groups were little changed since the last survey in 2016 the typical White family has eight times the wealth of the typical Black family and five times the wealth of the typical Hispanic family. SeptemDisparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances Factors Affecting Reserve Balances - H.4.1.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the.Senior Credit Officer Opinion Survey on Dealer Financing.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending.Charge-Off and Delinquency Rates on Loans and Leases at.Assets and Liabilities of Commercial Banks in the U.S.Aggregate Reserves of Depository Institutions and the.Payments System Policy Advisory Committee.International Standards for Financial Market.Supervision & Oversight of Financial Market.Sponsorship for Priority Telecommunication Servicesįinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of.Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.Federal Financial Institutions Examination Council (FFIEC)īanking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report.Community & Regional Financial Institutions.
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