U.S. Racial Income and Wealth Gaps
The largest number of American who live in poverty, suffer from hunger, and receive government assistance are white, but people of color are disproportionately likely to live in poverty and suffer from its symptoms.
In 2018, real median incomes of non-Hispanic White Households ($70,642) was 71 percent higher than that of Black households ($41,361), and 37 percent higher than that of Hispanic households ($51,450). (U.S. Census Bureau)
The poverty rate in 2018 was 8.1 percent for non-Hispanic Whites, 10.1 percent for Asians, 20.8 percent for Blacks, and 17.6 percent for Hispanics. In other words, the Black and Hispanic poverty rates were double the White poverty rate. (U.S. Census Bureau)
The household food insecurity rate in 2018 was 8.1 percent for non-Hispanic Whites, 21.2 percent for Blacks, and 16.2 percent for Hispanics. In other words, the Black food insecurity rate was about two and a half times the White rate and Hispanic food insecurity rate was double the White rate (USDA).
The Assets Gap
While the racial income, poverty, and hunger gaps are is vast, the gaps in assets — what people own — are far vaster. In 2016, white families had the highest level of both median and mean family wealth: $171,000 and $933,700, respectively. Black and Hispanic families have considerably less wealth than white families. Black families’ median and mean net worth is less than 15 percent that of white families, at $17,600 and $138,200, respectively. Hispanic families’ median and mean net worth was $20,700 and $191,200, respectively. 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 net worth than white families but higher net worth than black and Hispanic families. (Board of Governors Federal Research System).