The average white person’s annual income has grown by almost $100k since 2000, according to a new report.
The report, published by the Black and Hispanic Policy Research Institute (B&HPI), also found that in 2014, there were more black millionaires than white millionaires.
And, despite the growing disparity in wealth, the median net worth of black millionaires was $5,800 per person.
That’s significantly more than the $4,500 per person for white millionaires in 2014.
B&Hpi co-founder, Dr. T.J. Bowers, said the wealth gap between black and white people has widened in recent years, especially in the last decade.
“Black wealth is more concentrated than white wealth in terms of share of wealth held by black and Hispanic households,” Bowers said.
“While white wealth has risen, African Americans have seen their share of African American wealth decline.”
B&DI’s study found that while there was an increase in wealth held for blacks in 2014 compared to 2013, that share has dropped by less than 1% since 2013.
But in 2015, black families were the richest in the country.
That meant that, in 2014 they had nearly $9,500 in net worth.
But B&G’s analysis found that for whites, the increase in their net worth in 2015 was just $1,500.
That means white households had $12,500 more in wealth in 2015 than they did in 2014 when they were the wealthiest in the nation.
Bets are high for the black and Latino communities.
The B&B report found that the racial wealth gaps have widened by at least 30% in the past two decades.
The white racial wealth inequality gap was just over $1m in 2013, and has widened by nearly 30% over the past four years.
Black Americans now have nearly twice the wealth held in white households, according the B&hpi report.
It also found racial wealth in the U.S. was up 30% between 2014 and 2015.
Black wealth gaps for 2014: $1.4 million per person