“Even as the economic recovery has begun to mend asset prices, not all [US] households have benefited alike, and wealth inequality has widened along racial and ethnic lines,” the report published on the center's website stated.
In 2013, white households earned over $141,000, compared to black households who earned only about $11,000 and Hispanic households who earned an average of $13,700, according to the report.
The report stated that the current incomes gap between white and black households in the United States has reached its highest point since 1989, when white households at one point earned 17 times more than black households.
According to the report, the widening income gap is a result of US minority households reducing proportionally greater ownership of assets than white households since country’s economy began recovering, the report said. The assets included homes, stocks and business equity. The report also found that during the economic recovery, Hispanic and black households in particular may not have been able to replenish their savings.
Starting from late 2007, the United States experienced a global financial crisis, which affected financial institutions all over the world.
The US economy is currently experiencing one of the slowest recoveries in the last 70 years, with about 6.9 million fewer Americans working or are looking for work, according to a September 2014 report by the Heritage Foundation public policy think tank based in Washington D.C.
