Closing the wealth gap is more difficult because a significantly larger number of white households traditionally have money in stocks and mutual funds.
A separate Fed survey shows that as of 2022, about 65.6% of white households had investments in stocks, compared with 28.3% for Hispanic households and 39.2% for Black households.
More than 50% of Black financial wealth is invested in pensions, the New York Fed found.
In contrast, less than 30% of white financial wealth is invested in pensions, with about 50% invested in businesses, equities, and mutual funds.
In April of 2020, more than 40% of Black business owners reported they were not working, compared with only 17% of white business owners.
Persons:
”, Janelle Jones, Jones, Walley Adeyemo, Adeyemo, ___, Charles Schwab
Organizations:
New York Federal Reserve Bank, Black, Washington Center for Equitable, Federal Reserve, New York Fed, Bureau of Labor Statistics, Associated Press, Charles, Charles Schwab Foundation, Inc, AP
Locations:
U.S, America