this post was submitted on 18 Oct 2023
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[–] iopq@lemmy.world -1 points 1 year ago (4 children)

The survey showed other stark contrasts. While Black households saw their median income fall by 2% - versus a 3% rise for all families - their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years

The poor got richer

Despite Black families experiencing the largest growth in median net wealth — a 60% bump from 2019 — their 2022 levels remained the lowest among all other racial or ethnic groups, and they also saw incomes falter.

The 37% rise in net worth, which was more than double the next-largest upswing on record, was largely fueled by asset growth — specifically home values and stock market gains that far exceeded consumer price inflation, Fed researchers said.

Figured_ I would add a bit more context to your argument. You can't gain in net wealth if you have nothing to gain with. Emphasis in above quote is mine.

[–] blazera@kbin.social 7 points 1 year ago (2 children)

How the hell do you make less money and increase net worth? Is this only surveying home owners?

[–] ezchili@iusearchlinux.fyi 2 points 1 year ago

Assets ballooned and especially homes

64% of the population owns a house so you don't need to only survey homeowners, they're a big part of the population

[–] iopq@lemmy.world 1 points 1 year ago

Because most people got money from the government during the pandemic.

[–] lazynooblet@lazysoci.al 3 points 1 year ago

It says black households, and you said "the poor". I think that's sad.

[–] PeepinGoodArgs@reddthat.com 1 points 1 year ago

Well an increase from $1 to $1.60 is richer, I guess. Yay