Update (December 15): Tanvi Misra explains:
What’s driving the two ends of the wealth spectrum apart is that while white wealth is growing (albeit modestly), minority wealth is declining steeply. Black household net worth declined by 33.7 percent and Hispanic net worth fell by 14.3 percent between 2010 and 2013.Update (December 21): More from Pew: the median wealth of upper income households is now 6.6 times that of middle income households.
During the recession, black and Hispanic households took more out of savings to keep their families afloat, but they have not been to replenish that savings post-recession.
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