Americans’ net worth surged at a historic pace from 2019 to 2022, a reflection of the pandemic era’s tremendous economic swings and the wealth generated from homeownership and financial assets, according to Federal Reserve data released Wednesday.
The survey showed other stark contrasts. While Black households saw their median income fall by 2% - versus a 3% rise for all families - their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years
Despite Black families experiencing the largest growth in median net wealth — a 60% bump from 2019 — their 2022 levels remained the lowest among all other racial or ethnic groups, and they also saw incomes falter.
The 37% rise in net worth, which was more than double the next-largest upswing on record, was largely fueled by asset growth — specifically home values and stock market gains that far exceeded consumer price inflation, Fed researchers said.
Figured_ I would add a bit more context to your argument. You can’t gain in net wealth if you have nothing to gain with. Emphasis in above quote is mine.
However: https://www.reuters.com/world/us/us-income-inequality-rose-3-years-through-2022-fed-data-shows-2023-10-18/
So while the poor got poorer, the rich got even richer than that.
The poor got richer
Figured_ I would add a bit more context to your argument. You can’t gain in net wealth if you have nothing to gain with. Emphasis in above quote is mine.