It is worth noting that levels of average wealth, which are more heavily skewed by households with the greatest amounts of wealth, are higher: white households reported average wealth of $983,400, which is 6.9 times that of Black households ($142,500 SCF). In 2019 the median white household held $188,200 in wealth-7.8 times that of the typical Black household ($24,100 figure 1). Using updated data from the Survey of Consumer Finances (SCF) for 2019, we find that the Black-white wealth gap persisted heading into the COVID-19 pandemic, leaving Black households with far fewer resources to weather the storm.
Wealth holds several advantages over wages as an economic resource: In particular, income from wealth is taxed at much lower rates than income from work, and wealth can serve as a source of savings to absorb temporary setbacks such as a loss of employment income.Ī previous Hamilton Project analysis revealed staggering inequalities in wealth held by white versus Black households. Wealth (defined as the difference between a household’s assets and debt) provides a critical safety net to households during economic downturns.
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