As a result, asset income per capita in the world’s financial capital, at about $64,200, is now 13 times that of the neighboring Bronx, where 90% of the population is non-White, the data show.
Nationwide, the county with the lowest asset income per capita is in South Dakota, home to the Pine Ridge Indian Reservation. At $2,800 per person, it’s one-third of the national average. Among the largest U.S. counties, the ones with the five lowest incomes from assets per capita are all mostly Hispanic or Black.
Only a minority of Americans holds assets beyond homes, cars and retirement savings. About 15% of households own stocks and 13% hold business equity or other residential property, according to Fed data.
EIG’s Fikri said that although “the condition of being poor today is better than it was in 1970,” some low-income communities still don’t have access to “avenues for wealth creation.”
Fed officials, economists and central bankers have convened annually at Jackson Hole in August since the 1980s to discuss economic policy. The topic of this year’s gathering is “Macroeconomic Policy in an Uneven Economy,” as the Fed has focused more during the pandemic on the issues of economic inequality.
This article was provided by Bloomberg News.