Income gains were largest among the highest-earning families and fastest among white families.
Income at the median registered small declines for both Hispanic and Black families during the Covid-19 pandemic.
But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years. The survey showed other stark contrasts. While Black households saw their median income fall by 2% – versus a 3% rise for all families – their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years, when major government stimulus efforts bolstered lower-income households.
The survey was in line with other recent Fed and Census Bureau data that showed trends of wealth and income concentration that have taken hold since the 1980s had resumed as the post-pandemic era was getting underway this year.
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