Wealth disparities by race grew amid pandemic

NEW YORK: A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show.

According to a report from the New York Federal Reserve Bank, the real net worth of white individuals outgrew that of Black and Hispanic individuals by 30 percentage points and 9 percentage points, respectively, from the first quarter of 2019 through the second quarter of 2023.