A Joint Publication of: The Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University, the Samuel DuBois Cook Center on Social Equity at Duke University, and the Insight Center for Community Economic Development.
Income and wealth inequality in the United States, especially across racial and ethnic groups, is dramatic and persistent. While income is often used by researchers, practitioners, advocates, and policymakers to describe local economic conditions and drive policy decisions, it also increasingly is recognized as an inadequate indicator of economic well-being, mobility, and security. Wealth is generally less volatile than income, and it provides a store of resources that gives families security during emergencies and allows them to secure advantages that foster the well-being of the next generation.
The findings in this report from the National Asset Scorecard for Communities of Color (NASCC) survey reveal major disparities in wealth accumulation and income across various racial and ethnic groups in metropolitan Miami. The NASCC survey was developed to fill a void in existing national data sets that rarely collect data disaggregated by specific national origin in a localized context.
The NASCC survey collects detailed data on assets and debts among subpopulations, according to race, ethnicity, and country of origin. The NASCC instrument measures the range and extent of asset and debt holdings, not just by broadly defined groups (e.g. whites, blacks, Latinxs and Asians), but by racial and ethnic groups partitioned by more refined categories of ancestral origin (e.g. whites, U.S. descendant blacks, Caribbean blacks, Cubans, Puerto Ricans, South Americans, and other Latinxs). This type of disaggregation allows for a more specific examination of variations in asset holdings both across and within broadly defined racial and ethnic groups. This report explores factors that are related to wealth accumulation for particular racial and ethnic groups, including historical context, local asset market conditions, and intergenerational wealth transfers.
Click here to view and download the Color of Wealth in Miami full report.