New study reveals nuanced story of race and wealth in LA
The new report examines wealth inequality across racial and ethnic groups in Los Angeles, shows substantial disparity with Japanese, Asian Indians, Chinese and whites ranking among the top, while blacks, Mexicans, other Latinos, Koreans and Vietnamese rank far behind.
“The Color of Wealth in Los Angeles” is the first report to compile detailed data on assets and debts among people of different races, ethnicities and countries of origin residing in the Los Angeles area. Researchers from UCLA, Duke University and The New School, with support from the Federal Reserve Bank of San Francisco and the Insight Center for Community Economic Development, analyzed data on assets such as savings and checking accounts, stocks, retirement accounts, houses and vehicles. Debts included credit card debt, student loans, medical debt, mortgages and vehicle debt.
To download the full report click here.