Today, the typical white household owns more than 13 times the wealth of an African American household and more than 10 times the wealth of a Latino household.
Building wealth is critical for family financial security and the chance to make a better life. A family’s income may pay its bills in the short term, but accruing wealth over time is key to long-term stability and financial growth. There has been legal progress toward expanding financial opportunities for all Americans, but the racial wealth gap grows ever wider.
The United States faces rapidly growing wealth gaps between race and ethnicity. As we look to create a more equitable and secure future, we must shift away from public policies that fuel and exacerbate racial disparities in wealth.