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Wealth Inequality and the Racial Wealth Gap, Accessible Data

Figure 1: Household net worth and income, by race and ethnicity
  Average Household Net Worth Overall Wealth Inequality
Year White, Non-Hispanic Black, Non-Hispanic Hispanic/Latino Other, Non-Hispanic Gini
1989 462.59 81.76 80.55 361.36 0.79
1992 403.50 88.88 99.18 370.62 0.78
1995 423.74 73.18 103.99 344.72 0.79
1998 532.16 100.42 137.99 423.82 0.80
2001 705.43 109.96 135.00 550.80 0.80
2004 756.25 149.29 170.85 505.39 0.81
2007 834.94 165.83 230.57 709.85 0.82
2010 743.28 114.38 128.88 607.63 0.85
2013 747.23 104.26 122.96 638.24 0.85
2016 961.44 149.05 194.02 752.42 0.86
2019 952.91 140.52 192.17 1039.35 0.85

Source: Survey of Consumer Finances.

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Figure 2: Lorenz Curve for Net Worth
Wealth Rank Lorenz Curve
0.0002 -0.0002
0.1027 -0.0054
0.2021 -0.0051
0.3051 -0.0031
0.4203 0.0048
0.5429 0.0230
0.6640 0.0565
0.7757 0.1098
0.8682 0.1925
0.9449 0.3351
0.9861 0.5792
0.9993 0.8810
1 1

Source: Survey of Consumer Finances, 2019

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Figure 3: Net Worth Lorenz Curves by Race – Actual versus Racial-Equality Counterfactual

Top-Left Panel: Lorenz Curve SCF 2019

Wealth Rank Lorenz Curve White, Non-Hispanic Black, Non-Hispanic Hispanic Other
0.000185161 -0.00022071 0 0 0 -0.00022071
0.10271922 -0.00543163 -0.003080941 -0.00123019 -0.000584031 -0.000536468
0.20207751 -0.005097542 -0.00291882 -0.001155919 -0.000504931 -0.000517872
0.30511081 -0.003141722 -0.001797756 -0.000801752 -0.000153454 -0.000388761
0.42029458 0.004778023 0.002941525 0.000932091 0.001039372 -0.000134966
0.54287416 0.022951704 0.016043574 0.00356541 0.002892702 0.000450019
0.66399252 0.056489512 0.04115057 0.007109036 0.006443098 0.001786809
0.77571326 0.10982705 0.083265819 0.011760222 0.010028095 0.00477291
0.86822748 0.19246171 0.15063947 0.016932558 0.013074967 0.011814718
0.94486016 0.3350729 0.27374706 0.021174554 0.018902261 0.021249047
0.98609513 0.57919449 0.48601934 0.027371295 0.023439759 0.042364072
0.99933296 0.88097054 0.75687069 0.029311502 0.027152941 0.067635365
1 1 0.86784589 0.029427428 0.028099857 0.074626893

Note: Contributions denote the vertical area of each region in each panel of the graph. Contributions are stacked in the graph and y-axis points can be computed by cumulating contributions provided here.
Source: Authors’ calculations using Survey of Consumer Finances.

Top-Right Panel: Hypothetical Lorenz Curve Equality across Race

Wealth Rank White, Non-Hispanic Black, Non-Hispanic Hispanic Other
0.000185161 -0.000150211 -3.45398E-05 -2.41169E-05 -1.18425E-05
0.10271922 -0.003696659 -0.000850017 -0.000593511 -0.000291442
0.20207751 -0.003469285 -0.000797734 -0.000557006 -0.000273516
0.30511081 -0.002138194 -0.000491661 -0.000343294 -0.000168574
0.42029458 0.003251827 0.000747732 0.000522092 0.000256372
0.54287416 0.015620472 0.003591803 0.00250792 0.001231508
0.66399252 0.038445637 0.008840268 0.006172579 0.003031029
0.77571326 0.074746102 0.017187269 0.012000743 0.005892935
0.86822748 0.1309856 0.030119097 0.021030189 0.010326821
0.94486016 0.22804394 0.052436888 0.036613237 0.017978838
0.98609513 0.39418823 0.090640441 0.063288271 0.031077547
0.99933296 0.59957099 0.13786657 0.096263185 0.047269791
1 0.68058008 0.15649396 0.10926947 0.053656496

Note: Contributions denote the vertical area of each region in each panel of the graph. Contributions are stacked in the graph and y-axis points can be computed by cumulating contributions provided here.
Source: Authors’ calculations using Survey of Consumer Finances.

Bottom-Left Panel: Population Shares by Wealth Rank SCF 2019

Wealth Rank White, Non-Hispanic Black, Non-Hispanic Hispanic Other
0 0.60029685 0.26484647 0.093459114 0.041397557
0.050000001 0.56823927 0.27538082 0.11797918 0.038400777
0.1 0.43696076 0.36591685 0.1619108 0.035211645
0.15000001 0.43567422 0.31863898 0.18419945 0.061487377
0.2 0.50892138 0.214444 0.2155481 0.061086506
0.25 0.5305934 0.20505592 0.18824643 0.076104254
0.30000001 0.59890294 0.18986352 0.15972044 0.051513072
0.34999999 0.56430417 0.24307993 0.15504658 0.037569325
0.40000001 0.64078504 0.18928435 0.14148943 0.02844115
0.44999999 0.69494486 0.16797511 0.10396004 0.033120017
0.5 0.74528676 0.12048471 0.10333443 0.030894101
0.55000001 0.72643286 0.12614773 0.10142606 0.04599338
0.60000002 0.74757391 0.10881997 0.10818706 0.035419066
0.64999998 0.75129801 0.10411736 0.10229605 0.042288609
0.69999999 0.76986206 0.092217512 0.075728446 0.062191937
0.75 0.79222161 0.083992161 0.059413094 0.064373173
0.80000001 0.79934824 0.065733336 0.047683552 0.087234855
0.85000002 0.83369195 0.060416989 0.043510851 0.062380217
0.89999998 0.86011332 0.035269137 0.041825905 0.062791698
0.94999999 0.86473519 0.023480298 0.023319928 0.088464536
1 0.88250822 0.016544625 0.016079161 0.084868073

Note: Contributions denote the vertical area of each region in each panel of the graph. Contributions are stacked in the graph and y-axis points can be computed by cumulating contributions provided here.
Source: Authors’ calculations using Survey of Consumer Finances.

Bottom-Right Panel: Population Shares by Wealth Rank Equality across Race

Wealth Rank White, Non-Hispanic Black, Non-Hispanic Hispanic Other
0 0.6805801 0.156494 0.1092695 0.0536565
0.050000001 0.6805801 0.156494 0.1092695 0.0536565
0.1 0.6805801 0.156494 0.1092695 0.0536565
0.15000001 0.6805801 0.156494 0.1092695 0.0536565
0.2 0.6805801 0.156494 0.1092695 0.0536565
0.25 0.6805801 0.156494 0.1092695 0.0536565
0.30000001 0.6805801 0.156494 0.1092695 0.0536565
0.34999999 0.6805801 0.156494 0.1092695 0.0536565
0.40000001 0.6805801 0.156494 0.1092695 0.0536565
0.44999999 0.6805801 0.156494 0.1092695 0.0536565
0.5 0.6805801 0.156494 0.1092695 0.0536565
0.55000001 0.6805801 0.156494 0.1092695 0.0536565
0.60000002 0.6805801 0.156494 0.1092695 0.0536565
0.64999998 0.6805801 0.156494 0.1092695 0.0536565
0.69999999 0.6805801 0.156494 0.1092695 0.0536565
0.75 0.6805801 0.156494 0.1092695 0.0536565
0.80000001 0.6805801 0.156494 0.1092695 0.0536565
0.85000002 0.6805801 0.156494 0.1092695 0.0536565
0.89999998 0.6805801 0.156494 0.1092695 0.0536565
0.94999999 0.6805801 0.156494 0.1092695 0.0536565
1 0.6805801 0.156494 0.1092695 0.0536565

Note: Contributions denote the vertical area of each region in each panel of the graph. Contributions are stacked in the graph and y-axis points can be computed by cumulating contributions provided here.
Source: Authors’ calculations using Survey of Consumer Finances.

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Figure 4: Change in Gini from Shift to Racial Equality
Race Change in Contribution to Gini
Black, non-Hispanic 0.011726457
Hispanic 0.00598175
Other -0.000565267
White, non-Hispanic -0.017142944

Note: Bars denote difference in Gini contribution for each race in racial equality counterfactual versus actual SCF data in 2019 and are derived by differencing the shaded regions in the top panels of Figure 3. Each bar represents the change in Gini achieved by shifting the distribution of each race’s wealth to match the aggregate wealth distribution. Contributions sum to zero by assumption.
Source: Authors’ calculations using Survey of Consumer Finances.

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Figure 5: Decomposing Changes in Gini by Race

Top-Left Panel: Actual

Year Change in Gini vs 1989 White, Non-Hispanic Black, Non-Hispanic Hispanic Other
1989 0 0 0 0 0
1992 -0.002034575 0.002072334 -0.002545864 -0.000877239 -0.000683791
1995 0.002058655 0.001729041 -0.001615646 -4.25894E-05 0.001987856
1998 0.011658475 0.009939224 -0.000678568 -0.000373241 0.002771065
2001 0.017850012 0.013827667 0.000273015 -0.000175472 0.003924814
2004 0.021658123 0.023051843 -0.000167847 -0.002240238 0.001014367
2007 0.028502762 0.030711025 0.000442942 -0.003026267 0.000375064
2010 0.058022395 0.054402426 0.003012758 -0.001093529 0.001700747
2013 0.063175574 0.057844199 0.004936951 -0.000561398 0.000955829
2016 0.07218124 0.068105035 0.003561222 -0.001232548 0.001747536
2019 0.064763308 0.064144015 0.002856225 -0.002321632 8.47029E-05

Note: Contributions to difference appear from top to bottom in order they appear in legend, except in 1992 and 1995 when “Other” appears just below “White”.
Source: Authors’ calculations using Survey of Consumer Finances.

Top-Right Panel: Racial Equality Counterfactual

year Change in Gini vs 1989 White, Non-Hispanic Black, Non-Hispanic Hispanic Other
1989 0 0 0 0 0
1992 -0.002034575 -0.00267899 -5.04218E-05 0.000847446 -0.000152598
1995 0.002058655 -0.004426509 0.000155425 0.004923374 0.001406385
1998 0.011658475 0.002787635 0.003258579 0.002403207 0.003209049
2001 0.017850012 0.010533154 0.001717201 0.001394954 0.004204706
2004 0.021658123 0.018437967 0.001199173 -0.000635935 0.00265694
2007 0.028502762 0.022950128 0.003900971 -0.000488294 0.002139961
2010 0.058022395 0.049567886 0.00573596 0.000214972 0.002503595
2013 0.063175574 0.054332078 0.005230786 0.000927825 0.002684901
2016 0.07218124 0.063531443 0.004789094 0.000897169 0.00296354
2019 0.064763308 0.058504738 0.003905283 0.00067839 0.001674906

Note: Contributions to difference appear from top to bottom in order they appear in legend, except in 1992 and 1995 when “Other” appears just below “White”.
Source: Authors’ calculations using Survey of Consumer Finances

Bottom Panel: Difference vs Racial Equality Counterfactual

year White, Non-Hispanic Black, Non-Hispanic Hispanic Other
1989 0 0 0 0
1992 0.004751325 -0.002495442 -0.001724685 -0.000531193
1995 0.00615555 -0.001771071 -0.004965963 0.000581472
1998 0.007151589 -0.003937147 -0.002776448 -0.000437984
2001 0.003294513 -0.001444185 -0.001570426 -0.000279892
2004 0.004613876 -0.001367019 -0.001604303 -0.001642573
2007 0.007760897 -0.00345803 -0.002537972 -0.001764897
2010 0.00483454 -0.002723202 -0.001308501 -0.000802849
2013 0.003512121 -0.000293835 -0.001489222 -0.001729072
2016 0.004573592 -0.001227872 -0.002129717 -0.001216004
2019 0.005639277 -0.001049059 -0.003000022 -0.001590204

Note: Contributions to difference appear from top to bottom in order they appear in legend, except in 1992 and 1995 when “Other” appears just below “White”.
Source: Authors’ calculations using Survey of Consumer Finances

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Figure 6: Portfolio Composition by Wealth Rank
X Liquid Assets Financial Assets, non-liquid Other debts Primary home, net of mortgage Business, net of debts Other net wealth
0 -0.071006887 -0.11902318 1.5996219 -0.13358727 -0.004703872 -0.27130064
0.050000001 -0.14223616 -0.15187301 1.9655098 -0.11589779 -0.005372114 -0.55013078
0.1 0.34423897 -0.047529601 1.0117011 -0.009612186 -0.003314149 -0.29548413
0.15000001 0.65696114 0.11931019 -0.47227737 0.007869616 0.001485425 0.68665105
0.2 0.27416667 0.13306242 -0.55811989 0.05725738 0.00309966 1.0905336
0.25 0.23752996 0.20876481 -0.50397533 0.17770882 0.006857299 0.87311447
0.30000001 0.21126205 0.32697383 -0.55870366 0.34886929 0.018329661 0.65326893
0.34999999 0.1469238 0.33363739 -0.41740143 0.48080963 0.028452417 0.42757821
0.40000001 0.10187025 0.24763952 -0.25863478 0.56861806 0.023526996 0.31697994
0.44999999 0.10348432 0.24005233 -0.20193374 0.57597637 0.026955042 0.25546572
0.5 0.099704042 0.24484707 -0.15221387 0.56714875 0.025318652 0.21519539
0.55000001 0.08462435 0.23455879 -0.12106983 0.56398571 0.03243478 0.20546618
0.60000002 0.093144275 0.2264469 -0.093481384 0.55687791 0.046682544 0.17032975
0.64999998 0.090985715 0.27437845 -0.074875697 0.52077198 0.04323272 0.14550678
0.69999999 0.079209864 0.29790425 -0.060418379 0.5061174 0.043850601 0.13333626
0.75 0.073714361 0.32496995 -0.048831854 0.45662272 0.051946003 0.14157878
0.80000001 0.083249763 0.37407479 -0.034089826 0.36970493 0.055583898 0.15147638
0.85000002 0.077571146 0.40328023 -0.02180665 0.33459789 0.068950012 0.13740738
0.89999998 0.061413836 0.47676554 -0.01425337 0.26920703 0.087360211 0.11950677
0.94999999 0.054613709 0.50563943 -0.006386585 0.19075678 0.13950165 0.11587501
1 0.048179016 0.46728331 -0.003298324 0.13458802 0.22860141 0.12464658

Note: Contributions appear from x-axis up in the order they appear in the legend, with exception of Other Debts, which appears below the x-axis. Portfolio shares for bottom quantiles with negative net wealth not plotted.
Source: Survey of Consumer Finances, 2019.

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Figure 7: Average House Price and Home Equity Returns by Race
  House Price Growth Home Equity Return
Interval Black, non-Hispanic White, non-Hispanic Other, non-Hispanic Hispanic Black, non-Hispanic White, non-Hispanic Other, non-Hispanic Hispanic
2000-2007 7.534678 7.515738 9.517949 9.207364 14.84384 14.03802 17.33839 17.33937
2007-2010 -5.88383 -5.91054 -6.80363 -7.77183 -19.1043 -16.5029 -18.7736 -23.2509
2010-2015 2.308847 2.358483 3.830124 3.637992 4.226145 4.383109 7.051701 7.001652
2015-2019 4.872641 5.022446 5.454587 5.326382 9.483194 9.357881 9.554734 9.701048

Note: Legend entries appear in the graph from left to right. Home ownership rates from 2000-2004 are from 2000 Census, 2005-2019 are from 1-year ACS in each year.
Source: Authors’ calculations using 2000 Decennial Census, 2005-2019 American Community Survey, CoreLogic, Inc, HPI data, and Black Knight McDash.

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Figure 8: Homeownership by race, Indexed to 1994
year White, non-Hispanic Black, non-Hispanic Hispanic Other, non-Hispanic
1994 100 100 100 100
1995 100.5716327 99.70449173 102.1250759 98.69041383
1996 102.4294391 104.2553191 103.8858531 106.7574646
1997 102.8581636 105.9692671 104.9787492 110.0576218
1998 103.7156127 107.8014184 108.6217365 111.1052907
1999 104.6087889 109.3380615 110.564663 112.5196438
2000 105.501965 111.5248227 112.5075896 112.2577266
2001 106.1450518 112.8841608 114.8148148 113.5149293
2002 106.8238657 112.1158392 114.0862174 114.1959141
2003 107.6813148 113.7115839 113.3576199 117.234154
2004 108.6102179 116.1347518 116.7577413 122.7867994
2005 108.3601286 114.0070922 120.2185792 124.3583028
2006 108.3958557 113.0614657 120.582878 125.4583552
2007 107.5026795 111.5248227 120.6435944 123.9916186
2008 107.2168632 111.9976359 119.3685489 122.4724987
2009 106.8595927 109.3380615 117.6684882 121.1105291
2010 106.3951411 107.3286052 115.4219794 119.3818753
2011 105.501965 106.2056738 113.904068 118.1770561
2012 105.1089675 103.7234043 112.0218579 115.1911996
2013 104.8231511 101.8321513 111.900425 115.4007334
2014 103.8585209 101.536643 110.3217972 115.243583
2015 102.7867095 100 110.6860959 112.6244107
2016 102.7867095 98.22695035 111.5361263 110.6338397
2017 103.3226152 99.94089835 112.2040073 114.1959141
2018 104.3229725 99.52718676 114.2683667 116.6579361
2019 104.8231511 99.52718676 115.3005464 115.5578837

Source: U.S. Census, Housing Vacancies and Ownership.

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Last Update: October 22, 2021