"Racial Disparities in Wealth Widened Despite Economic Gains, Reports Find"

Despite income gains and government financial support during the pandemic, wealth disparities by race grew as the real net worth of white individuals outgrew that of Black and Hispanic individuals, with a significant divergence in the values of financial asset holdings. Black and Hispanic households have a smaller percentage of investments in stocks and mutual funds compared to white households, and Black-owned businesses were more adversely affected during the pandemic. Treasury deputy secretary Walley Adeyemo acknowledged the need for policy prescriptions to address the significant wealth gap between Black and white households in America.