Study: Wealth gap now wider

Mon., Oct. 18, 2004

Associated Press

WASHINGTON – The enormous wealth gap between white families and blacks and Hispanics grew larger after the most recent recession, a private analysis of government data has found.

White households had a median net worth of greater than $88,000 in 2002, 11 times more than Hispanics and more than 14 times that of blacks, the Pew Hispanic Center said in a study to be released today.

Blacks were slowest to emerge from the downturn that started in 2000 and ended early in 2001, the report found.

Analysis of U.S. Census Bureau data found nearly one-third of black families and 26 percent of Hispanic families were in debt or had no net assets compared with 11 percent of white families.

Regardless of race and ethnicity, median net worth of all U.S. households showed a 12 percent gain from 1996.

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Study: Wealth gap now wider

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