Wealth disparities by race grew during the pandemic, despite income gains, report shows
Associated PressNEW YORK — A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show. “Much of the divergence in net worth by race and ethnicity since 2019 can be attributed to divergence in the real values of financial asset holdings,” wrote the report’s authors — including the fact that Black households have more wealth concentrated in pensions than in stocks, mutual funds and exchange-traded funds, or ETFs. While less than 10% of all U.S. business owners are Black, Black-owned businesses were also more concentrated in industries hardest hit when COVID first spread, according to Economic Policy Institute analysis of government data. Adeyemo suggested that some “policy prescriptions” might be needed to even out the distribution of financial wealth in the U.S. “The gap between Black and white wealth in America is still too great,” he said.
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