"Pandemic Widened Racial Wealth Disparities Despite Income Growth, Report Finds"

Despite income gains and government support during the pandemic, wealth disparities between white, Black, and Hispanic individuals widened, with white individuals experiencing greater net worth growth. The disparity is attributed to differences in stock market investments, with a larger percentage of white households having money in stocks and mutual funds. Black and Hispanic households were more affected by declines in financial asset values and business ownership during the pandemic. While there have been improvements in employment and wages for Black Americans, Treasury Deputy Secretary Walley Adeyemo suggests that policy interventions may be necessary to address the significant wealth gap between racial groups in the U.S.