But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
Median net worth rose sharply for all ethnic and income groups, the survey showed, though the lowest-earning 20% of households fared the worst, with a 2% decline on average over the period versus double-digit increases for all other income groups.
The survey showed other stark contrasts.
Still, Black households had the lowest median net worth at about $45,000, 27% below the next lowest, Hispanics, at about $62,000.
By contrast, median household net worth for white families was $285,000 and for Asians - measured on their own for the first time in this year's survey - was $536,000.
Persons:
Ann Saphir, Dan Burns, Chizu Nomiyama, Aurora Ellis
Organizations:
Federal, Consumer Finances, Thomson