March 10, 2016
Duke University, The New School, the University of California, Los Angeles and the Insight Center for Community Economic Development compiled detailed data on assets and debts among people of different races, ethnicities and countries of origin residing in the Los Angeles area.
The findings in this report reveal major disparities in wealth accumulation across various racial and ethnic groups in Los Angeles. For example, collected data shows that White households in Los Angeles have an estimated median net worth of $355,000. While on the other hand, Mexicans and U.S.-born black people are estimated to have a median net worth of $3,500 and $4,000, respectively.
Furthermore, the report supports that wealth is a better indicator of economic well-being and a suitable metric for understanding economic inequality.
“Findings reveal staggering disparities that should serve to urge lawmakers to identify and pursue policies that can help narrow racial wealth differences.” the authors said.
Organizations mentioned/involved: Insight Center for Community Economic Development (Insight Center)