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The Color of Wealth in Boston: A Joint Publication with Duke University and The New School
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The widening wealth gap in the United States is a worrisome sign that millions of families nationwide do not have enough in assets to offer better opportunities for future generations. On the basis of data collected using the National Asset Scorecard for Communities of Color (NASCC) survey, we report that, when analyzed by race, wealth accumulation is vastly unequal. By means of the NASCC survey, researchers have collected, for the first time, detailed data on assets and debts among subpopulations, according to race, ethnicity, and country of origin—granular detail ordinarily unavailable in public datasets. Our analysis shows that with respect to types and size of assets and debt held, the data collected on white households and nonwhite households exhibit large differences. The result is that the net worth of whites as compared with nonwhites is staggeringly divergent
Author: Ana Patricia Munoz, Darrick Hamilton, Mariko Chang, Marlene Kim, O. Regine Jackson, William A. Darity Jr.
Topic: Financial well-being
Publisher: Federal Reserve System
Location: United States
Format: Report
Content Type: Research
Publication Date: March 31, 2015