Economic Recovery Underway, But Racial Wealth Gaps Persist Through Pandemic

White households saw 30% more growth in real net worth than Black households and 9% more than Hispanic households from 2019 Q1 to 2023 Q2, widening wealth gaps.

Higher stock market gains in 2021 benefited white households more due to their greater investments in stocks, mutual funds, and businesses.

Over 50% of Black financial wealth is in pensions versus less than 30% for white households, making Black wealth less exposed to financial market gains.

Black-owned small businesses were hit harder during the early months of the pandemic due to their concentration in accommodations, food services and retail.

An economic recovery is underway with rising Black wages, employment, business ownership and stock market participation, but wealth gaps remain historically high.