Boston Fed Study Finds Wealth Disparities 'Worrisome'
By nearly every measure, white households in Greater Boston had more wealth than African-Americans, Caribbean blacks, Cape Verdeans, Puerto Ricans, and Dominicans, painting a worrisome picture of a region with “staggeringly divergent” levels of wealth by race. For example, about half the white households in Boston have private retirement accounts, compared to just 8 percent among the metropolitan area’s Dominicans. And for every dollar the typical white household has in assets that can be turned into cash quickly, such as stock or retirements savings, African-Americans in Boston have 2 cents, Caribbean blacks 14 cents, and Puerto Ricans and Dominicans less than 1 cent. This divide, Fed researchers said, is perhaps more troubling than the income gap because its effects can last for generations.