The quickest way to gain wealth over the past few years was by investing in the stock market, which rose faster than housing and other assets — but that wealth hasn’t been distributed evenly among Americans. Inequality by race and age in the U.S. persists in part because ownership of financial assets varies widely between different groups, according to the Federal Reserve Bank of New York’s latest report on wealth inequality, released Wednesday. For example, more white households hold equities and mutual funds, which have performed exceptionally well and boosted investors’ net worth.
Young people also increased their investments in equities between 2019 and mid-2023. As a result, the net worth of white people and of people ages 18 to 39 during this time grew faster than the wealth of Black and Latino people and of older people, respectively, the report found. “The groups with more exposure to businesses, equities and mutual funds experienced much faster financial asset growth,” according to the New York Fed report. The S&P 500
SPX
saw cumulative returns of 91.8% between 2019 and mid-2023. While nearly two-thirds of white families own stock, only 40% of Black familie …
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Young people also increased their investments in equities between 2019 and mid-2023. As a result, the net worth of white people and of people ages 18 to 39 during this time grew faster than the wealth of Black and Latino people and of older people, respectively, the report found. “The groups with more exposure to businesses, equities and mutual funds experienced much faster financial asset growth,” according to the New York Fed report. The S&P 500
SPX
saw cumulative returns of 91.8% between 2019 and mid-2023. While nearly two-thirds of white families own stock, only 40% of Black familie …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]