Fed Survey Finds Income and Wealth Grew for Many During Pandemic, But Gains Uneven Across Groups

U.S. families saw large income and wealth gains from 2019-2022, Fed survey shows
But gains were biggest for highest-earning households and white families
Median income fell for Hispanic and Black families over those years
All groups saw sharp rise in median net worth, but lowest quintile declined
Black households had lowest median net worth but saw big 60% gain
Education level a major factor - incomes rose only for those with some college
Financial fragility declined over pandemic, Fed survey indicates
Leverage, payment-to-income ratios at record lows in 2022