Wealth disparities by race widen

Financial Markets’ Strong Performance Fuels Wealth Inequality During the Pandemic

The pandemic has further deepened existing trends of wealth inequality, as indicated by new data released this week. The stock market’s significant gains in 2021, coupled with government financial support, have contributed to a widening wealth gap. A report from the New York Federal Reserve Bank reveals that the real net worth of white individuals grew more than that of Black and Hispanic individuals. White individuals experienced a 30-percentage point increase in net worth compared to Black individuals and a 9-percentage point increase compared to Hispanic individuals.