A new report led by researchers at the University of California, Los Angeles offers data on the racial wealth gap in the nation’s second largest metropolitan area. The report finds that the typical African American household in Los Angeles has on average only about 1 percent of the average wealth of non-Hispanic White households. The data shows that the median net worth of White households was $355,000. For African American households the median net worth was $4,000.
Japanese Americans, Chinese Americans, and Asian Indian households in Los Angeles all had a higher average net worth than White households.
Melany De La Cruz-Viesca, assistant director of the Asian American Studies Center at UCLA and lead author of the report, states that “this report not only reveals a nuanced story of racial wealth differences in L.A., perhaps more importantly, it also explores the local nature of asset markets and what factors influence the wealth status of communities of color.”
The full report, The Color of Wealth in Los Angeles, may be downloaded by clicking here.