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

Despite income gains and government financial support during the pandemic, wealth disparities by race grew, with white individuals experiencing a 30% increase in net worth compared to Black individuals and a 9% increase compared to Hispanic individuals. The rise in financial asset prices, particularly in stocks, widened the wealth gap, as a larger percentage of white households have investments in stocks and mutual funds. Black and Hispanic households have more wealth concentrated in pensions, and Black-owned businesses were disproportionately affected by the pandemic. While there have been improvements in employment and wages for Black Americans, Treasury Deputy Secretary Walley Adeyemo suggested that policy interventions may be necessary to address the significant wealth gap between Black and white households in the U.S.