Tuesday, July 26, 2011

The Wealth Gap Widens


Paul Sancya / AP Photo
Wealth Gap Widens Between Whites, Minorities
Has the latest recession erased 25 years of progress? The wealth gap between whites and minorities is the widest it’s been in a quarter-century, with white households having 20 times the net worth of Hispanic and black households. ($113,149 for whites in 2009 versus $6,325 for Hispanics and $5,677 for blacks.) In 1995, the wealth ratio was 7 to 1, whites to minority. Hispanics were hardest hit by the recession: Between 2005 and 2009, median wealth fell more than percent from to just over $6,000. The discrepancy is explained, in part, by the fact that many whites derive their wealth from stocks and corporate savings, while minority families are mostly invested in their homes.
Read it at Associated Press

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