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207 Racial/Ethnic Differences in the Distribution of Wealth in the United States
Key Words
wealth, racial/ethnic differences, Survey of Consumer Finances
Short Description
In the United States, there is a huge wealth gap between racial/ethnic groups, with White households having about 10 times the median wealth of Black households and 8 times that of Hispanics (Kochhar and Cilluffo 2017). We conducted quantile regressions on net worth, using the Inverse Hyperbolic Sine (IHS) transformation, and one salient result from the median regression was that the Black-White difference in wealth did not vary by age, but younger Hispanic households had higher net worth than comparable White households, while older Hispanic households had lower net worth than comparable White households. The pattern for Asian/other-White differences in median net worth was even more striking, with Asian/other households at age 30 having 83% higher net worth than comparable White households, but 53% lower net worth at age 75. We discuss implications of these and other results. Most previous studies on the racial/ethnic wealth gap in the United States have used net worth as a measure of wealth (e.g., Blau and Graham 1990; Smith 1995). A variety of explanations have been proposed and studied to explain the wealth gaps. Our objective was to ascertain factors related to household net worth.
First & Corresponding Author
Sherman Hanna, The Ohio State University
Authors in the order to be printed
Sherman D. Hanna, Kyoung Tae (KT) Kim, Xianhua Zai