The recession affected everyone, but minorities were hit harder. As the U.S. economy rebounded, the wealth gap between races widened because a much larger share of minorities were—and still are—locked out of the recovery process. A new Pew Research Center analysis shows that in 2013, the wealth gap between African-Americans and whites rose to its highest level in 30 years.
Pew analyzed Survey of Consumer Finances data from the Federal Reserve and found that white households were worth 13 times more than black households, and 10 times more than Hispanic households in 2013. The white-to-black wealth ratio hasn't been so high since 1989, when it was 17:1. For Hispanic households, the 2013 wealth ratio was the highest since 2001, when white wealth was approximately 11 times Hispanic wealth.
What's driving the two ends of the wealth spectrum apart is that while white wealth is growing (albeit modestly), minority wealth is declining steeply. Black household net worth declined by 33.7 percent and Hispanic net worth fell by 14.3 percent between 2010 and 2013.
To read the rest of this article by Tanvi Misra, go to:
http://www.citylab.com/housing...n-black-ones/383707/
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