In 2022, the average wealth of white families was approximately $1.36 million. It was $227,544 for Latino families and $211,596 for Black families. For Asian American households, the average wealth was $1.8 million.
The wealth gap between white families and their Black and Latino counterparts has widened by more than $1 million, according to a new analysis by the Urban Institute, a nonpartisan think tank that focuses on economic and social policy research. In 2022, the average wealth of white families was approximately $1.36 million; for Latino families, it was $227,544, and for Black families, $211,596. For Asian American households, the average was $1.8 million.
Though education can make a difference in total lifetime earnings, McKernan says it's not everything. “Education is seen as a silver bullet, and it will make a huge difference in your earnings, but what education doesn’t do is close the wealth gaps,” McKernan said. This harrowing detail comes at a time when Latinos have had the fastest growth in advanced degrees of any racial or ethnic group in the last 20 years.
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