Poll: Wealth inequality widened along racial, ethnic lines since recession

NEW YORK, Dec. 13 (UPI) -- New poll data shows American wealth inequality has increased along racial and ethnic lines since the Great Recession.

According to a Pew Research Center analysis of data from the Federal Reserve's Survey of Consumer Finances, the wealth of white households was eight times that of black households in 2010, but 13 times more in 2013. The median wealth of white households was nine times that of Hispanic households in 2010, but 10 times more in 2013.

The data suggests that while the overall net worth of American families remained steady during the economic recovery, the results between white, black and Hispanic households have not been equal.

The size of the gap between white and black household wealth is at its highest point since 1989. At the time, white households made 17 times the wealth of their black counterparts, while the gap between white and Hispanic households -- 14 times more for whites -- is at a level not seen since 2001.

Between 2010 and 2013, the median wealth of non-Hispanic black households went down over 33 percent, from $16,600 in 2010 to $11,000 in 2013, and in the same time frame the median wealth of Hispanic households went from $16,000 to $13,700, or a drop of over 14 percent.

Meanwhile, the median wealth of non-Hispanic white households in that period increased over 2 percent, from $138,600 to $141,900.

Pew notes there are several factors responsible for the gap. Financial assets such as stocks -- which are more likely to be owned by white households -- have had a healthier and faster recovery of value over housing. As well, minority households showed a higher decrease of assets such as home ownership, thus putting white households in a better position for financial recovery.