February 2025
Spotlight on: The Racial Wealth Gap in New York City
New Yorkers are experiencing staggering racial disparities in wealth, perpetuating cycles of poverty and limiting economic opportunity
Contributors: Anastasia Koutavas, Sophie Collyer, Yajun Jia, and Christopher Wimer
Issues Areas: Financial Security, Racial Equity
Our most recent Poverty Tracker spotlight report shows that wealth in New York City is distributed unequally, with Black and Latinx New Yorkers disproportionately lacking the assets needed to thrive.
While traditional poverty measures focus on income, income alone does not capture the full scope of economic hardship. Wealth—defined as the value of one’s assets after subtracting debt—is a critical measure of financial stability and mobility. It provides a safety net against financial shocks and supports long-term investments in education, housing, and future generations.
928
K
Latinx New Yorkers have zero wealth, while 1,036,000 white New Yorkers hold over $500,000 in assets.
$320
K
The median total wealth of white New Yorkers, compared to $2,800 for Black New Yorkers and $0 for Latinx New Yorkers.
$2.5
K
The amount of assets needed to reduce hardship risk; Asian and white New Yorkers are twice as likely as Latinx New Yorkers and 1.5 times as likely as Black New Yorkers to have this amount.
Additional key findings:
- White New Yorkers’ debts are a fraction of their assets, while for Black and Latinx New Yorkers, debt reduces asset values by 50% or more.
- Without sufficient wealth, financial shocks—like losing a job or an unexpected expense—can quickly spiral into long-term hardships, including eviction, food insecurity, or unmet healthcare needs.
- Wealth inequality not only exacerbates poverty but limits intergenerational mobility, preventing millions of New Yorkers from building a more secure future.
These stark disparities illuminate the urgent need to address structural barriers to building wealth. By investing in strategies that help New Yorkers reduce debt, build assets, and access opportunity, we are working to close the racial wealth gap and ensure that every family has the resources needed to thrive. Explore the full report to learn more about how we can make New York City a true engine of opportunity for all.