A $1 million wealth gap now divides white families from Black and Hispanic ones, research shows

By Isabela Espadas Barros Leal, NBC

The average wealth gap between white families and Black and Hispanic ones reached a new high in 2022, topping $1 million in household wealth, according to a new report. 

New research by the Urban Institute, a nonpartisan think tank focused on economic and social policy research, found that the average wealth of white families in 2022 reached a record high of over $1.3 million, compared to about $227,000 for Hispanic families and $211,000 for Black families. This report marks the first time the institute has recorded a seven-figure disparity in average wealth for both Black and Hispanic households.

The median wealth for white families was $284,000, compared to $62,000 for Hispanic families and $44,000 for Black families. 

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“One million dollars in a gap indicates that we still have severe racial wealth inequity in this country,” Brown said. That lifetime difference in accruing wealth severely affects families’ ability to “buy a home, invest in their children’s college, invest in their children’s businesses, support their families,” she added.

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