Americans had sizable gains in net worth during COVID pandemic

Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.

A new report from the Federal Reserve indicates that Americans' wealth jumped considerably during the COVID-19 pandemic.

The data was released Wednesday as part of the Federal Reserve Board’s triennial Survey of Consumer Finances. While gains in net worth were seen by nearly every demographic, Black families had the biggest increase by percentage. Their net worth increased by 60%. However, Black families still struggled to close the wealth gap with White families. The median White family had their net worth grow by nearly $67,000, resulting in a 31% increase. For Black families, their median net worth increased by about $17,000.

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