Most Americans realize that our country hasn’t lived up to the values professed in its civic classes, particularly on matters of race. But most would still be shocked to learn just how dramatic racial inequity has become with respect to one of the most fundamental aspects of a family’s well-being: wealth.
The median black family today owns $3,600 — just 2% of the $147,000 of wealth the median white family owns. The median Latinx family has assets worth $6,600 — just 4% as much as the median white family. (These figures exclude cars, which are a poor store of wealth because they depreciate.)
Put another way, the median white family is 22 times wealthier than their Latinx counterparts — and 41 times wealthier than the typical black family.