Simone Taricco
Ethnic disparities in wealth in the United States: evidence from the Survey Of Consumer Finances.
Rel. Riccardo Calcagno. Politecnico di Torino, Corso di laurea magistrale in Ingegneria Gestionale (Engineering And Management), 2023
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Abstract
Disparities in wealth between Whites and ethnic minorities in the United States are evident and persistent. This work uses data from 1989 to 2019 from the Survey of Consumer Finances - a nationally representative survey - to document differences between the Whites and the two most frequently interviewed ethnic minorities, namely Blacks/African-Americans and Hispanics/Latinos. The absolute and relative gaps in the amount of gross and net wealth are staggering: the two minority groups own cents on the dollars of the Whites. The structure of the families’ balance sheets highlight that the ethnic gap is not just a question of the amount of wealth: the typical portfolio of a White household is not a scaled-up version of that of a Minority household.
I analyze the assets and liabilities of families at different levels of income, education and gross or net wealth and find systematic differences in ownership and allocation between Whites and Minorities
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