Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances

By Neil Bhutta, Andrew C. Chang, Lisa J. Dettling, Joanne W. Hsu. 2020

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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). We first analyze total wealth among families classified, according to their selfidentification during the interview, as White non-Hispanic, Black or African American nonHispanic, Hispanic or Latino, and other or multiple race (we will henceforth refer to these groups as White, Black, Hispanic, and other, respectively).2 Wealth is defined as the difference between families' gross assets and their liabilities.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).

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/29c21577cfe504fb6a3d0783e19c05d2967571bd