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Wealth and Its Distribution: A Look at Asian American Households in 2022
In our previous post, we explored novel data in the Survey of Consumer Finances (SCF) and found that Asian American families typically had strong educational and earnings outcomes.1 This post will explore how wealth (defined as net worth, which is the value of assets less liabilities) is distributed among Asian households in the U.S. and examine the types of assets that underpin their wealth.
Why is wealth important? For families, it serves two important roles: insurance against unexpected setbacks and an avenue to invest in the future. However, some demographic groups―such as Black and Hispanic people―face structural barriers to building wealth (PDF) that can hinder their financial well-being and the potential of the economy. Greater wealth equity among households could benefit the economy by increasing economic output and innovation.
Why is wealth important? For families, it serves two important roles: insurance against unexpected setbacks and an avenue to invest in the future. However, some demographic groups―such as Black and Hispanic people―face structural barriers to building wealth (PDF) that can hinder their financial well-being and the potential of the economy. Greater wealth equity among households could benefit the economy by increasing economic output and innovation.
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