Racial Wealth Gap Widens Despite Income Gains for Minorities

• Wealth gap between white and Black/Hispanic households grew 30 pts and 9 pts respectively from 2019-2023 despite income gains • White households have more investments in stocks/funds; Black households have more wealth in pensions • Black-owned businesses concentrated in hard-hit industries early in pandemic • Financial asset values for Black and Hispanic households still below 2019 levels • Treasury Deputy Secretary says more policy action needed to address racial wealth gap