- Sep 12, 2009
- 6,840
- 3,594
by Glen Ford
A new study by the Federal Reserve Bank of St. Louis finds that the wealth of Black families headed
by college graduates diminished dramatically between 1992 and 2013. There were three recessions
over that time period, but despite the downturns the median net worth, or wealth, of white households
headed by a college graduate increased by 86 percent. For Asian college families, the rise in net worth
was even more dramatic over the two decades; their wealth went up nearly 90 percent. But, Black
families in which the head of household held a college degree saw their net worth drop by more than
half: 56 percent, when adjusted for inflation. In other words, three recessions in 20 years didn’t stop
whites and Asian American college graduates from steadily increasing their family wealth, while Black
college families saw a steady erosion of their economic status. Hispanic households headed by college
graduates lost a catastrophic 72 percent of their wealth in the last recession, alone, largely because
they were even more heavily invested in housing than their Black counterparts.
Read more: http://www.blackagendareport.com/black_college_household_wealth
A new study by the Federal Reserve Bank of St. Louis finds that the wealth of Black families headed
by college graduates diminished dramatically between 1992 and 2013. There were three recessions
over that time period, but despite the downturns the median net worth, or wealth, of white households
headed by a college graduate increased by 86 percent. For Asian college families, the rise in net worth
was even more dramatic over the two decades; their wealth went up nearly 90 percent. But, Black
families in which the head of household held a college degree saw their net worth drop by more than
half: 56 percent, when adjusted for inflation. In other words, three recessions in 20 years didn’t stop
whites and Asian American college graduates from steadily increasing their family wealth, while Black
college families saw a steady erosion of their economic status. Hispanic households headed by college
graduates lost a catastrophic 72 percent of their wealth in the last recession, alone, largely because
they were even more heavily invested in housing than their Black counterparts.
Read more: http://www.blackagendareport.com/black_college_household_wealth