{"id":107319,"date":"2021-01-05T17:41:49","date_gmt":"2021-01-05T17:41:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107319"},"modified":"2021-01-05T17:41:49","modified_gmt":"2021-01-05T17:41:49","slug":"white-american-wealth-hits-record-high-on-pandemic-stocks-surge","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/white-american-wealth-hits-record-high-on-pandemic-stocks-surge\/","title":{"rendered":"White American Wealth Hits Record High on Pandemic Stocks Surge"},"content":{"rendered":"
Track the forces driving change. Sign up for the Bloomberg Equality newsletter here.<\/em><\/span><\/p>\n The net worth of White Americans hit a record high last year, driven by a stock-market rebound that defied the pandemic, while other ethnic groups saw their share of the nation\u2019s wealth decline, according to recently released data from the Federal Reserve.<\/p>\n Wealth held by White households rose to $98.6 trillion in the third quarter of 2020. That amounts to 84.6% of the total, the biggest share in three years.<\/p>\n By contrast, the portion of overall wealth held by Black Americans fell to 3.8% — down from 4.4% two years earlier — while for Hispanic Americans it dropped to 2.1%.<\/p>\n The shift was largely driven by stock markets. White households own almost 90% of corporate equities and mutual funds, which posted a $2 trillion jump in value during the third quarter.<\/p>\n Meanwhile, assets held by other groups proved more vulnerable to the coronavirus slump. Wealth held by Hispanic households in the form of business ownership, for example, slumped by almost one-quarter from a year earlier to $188 billion, the lowest since 2013.<\/p>\n Non-Hispanic White people account for about 60% of the U.S. population. That figure has been declining in the longer term, one reason why the White share of national wealth has dropped from 92% in 2000. White Americans are also older on average than other groups, meaning they\u2019ve had more time to accumulate wealth.<\/p>\n