Black Families Shrink the US Wealth Gap But Remain Far Behind

Black families are closing the US wealth gap, but still lag far behind other groups in net worth.

Since the end of 2019, the average net worth for Black households rose 32% through the third quarter of last year, according to a Wells Fargo & Co. report. That compares with a 21% increase for non-Black households.

Even with recent growth, Black wealth still trails in actual dollars: about $340,000 per household on average, compared to $1.1 million for their non-Black counterparts, per the report. The racial wealth gap — the legacy of slavery and systemic racism that excluded many African Americans from opportunities for financial advancement ...