Asians in U.S. on Pace to Surpass Whites In Median Wealth
New Fed study details demographics of wealth in U.S.
Customers at an Apple store in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
In the last quarter-century, the finances of America's race and ethnic groups haven't changed very much save for one big exception: Asians.
``Asian families' median income already has surpassed that of whites, while Asians' median wealth soon will surpass the white median level,'' a new report out from the Federal Reserve Bank of St. Louis finds. An Asian family had an inflation-adjusted median wealth of $91,440 in 2013, up almost 43 percent from 1989, it found using data from the Fed's Survey of Consumer Finances. That compares with a 3 percent increase to $134,008 for whites.