Greater wealth, greater uncertainty: Changes in racial inequality in the Survey of Consumer Finances

We document racial disparities in financial well-being in the 2022 Survey of Consumer Finances highlighting sources of changes in financial well-being over the COVID-19 pandemic. In 2022, the typical White family had about six times as much wealth as the typical Black family, and five times as much as the typical Hispanic family. These wealth ratios narrowed since 2019, as non-White home, stock, and business ownership all increased relatively more than for White families. However, differences in incomes widened slightly, as Black and Hispanic families’ real wages stagnated. While we find most families of all races and ethnicities had sufficient income to cover their required payments, non-White families in particular have become more uncertain and pessimistic about their financial futures.