Observers assert that the embarrassingly large racial wealth gap will eventually shrink as non-whites catch up to whites, for instance, due to more education, business ownership and other key factors. But the data for the wealthiest households show that even at the top rather than catching up, non-whites or Latinos are actually falling further behind .
Wealth is a means for households to achieve greater economic mobility and economic security. Households can use their wealth to move to a more desirable neighborhood, switch jobs when new and better opportunities arise, start a business and send their kids to college. And wealth allows households to better weather an emergency such as a layoff and a medical emergency.
Yet, wealth inequality has grown in recent decades with an ever larger share of wealth concentrated among the wealthiest households. But, even among the wealthiest 10% of households, there is a widening chasm by race and ethnicity. The share of non-whites or Latino households among the wealthiest 10% has grown. Yet, on average, they have increasingly less wealth than their white counterparts. Put differently, even wealthy non-white or Latino households have not been keeping up with whites’ wealth and are actually falling further and further behind.
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Even At The Top, Non-Whites, Latinos Fall Further Behind