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Economy

White Households Are Now 13 Times Richer Than Black Ones

The wealth gap between whites and blacks in the U.S. is the widest it's been in 30 years.
African-Americans and Hispanic households are not recovering at the same rate as the white households.
African-Americans and Hispanic households are not recovering at the same rate as the white households. AP Images

The recession affected everyone, but minorities were hit harder. As the U.S. economy rebounded, the wealth gap between races widened because a much larger share of minorities were—and still are—locked out of the recovery process. A new Pew Research Center analysis shows that in 2013, the wealth gap between African-Americans and whites rose to its highest level in 30 years.

Pew analyzed Survey of Consumer Finances data from the Federal Reserve and found that white households were worth 13 times more than black households, and 10 times more than Hispanic households in 2013. The white-to-black wealth ratio hasn't been so high since 1989, when it was 17:1. For Hispanic households, the 2013 wealth ratio was the highest since 2001, when white wealth was approximately 11 times Hispanic wealth.