Authors: Melany De La Cruz-Viesca, Darrick Hamilton, William A. Darity Jr.
Abstract: The National Asset Scorecard for Communities of Color (NASCC) survey was developed to supplement existing national data sets that collect data on household wealth in the United States, but rarely collect data that is disaggregated by specific national origin. This paper begins with an examination of the importance of differentiating wealth and income, followed by a second section summarizing the methodology, and a third part analyzing the wealth position of various communities of color. For the first time, we are able to demonstrate differences in wealth across multiple Asian ethnic groups. The NASCC findings reveal that major disparities in wealth accumulation exist across certain racial and ethnic groups.
Key Findings
- NASCC data, in combination with the unique histories of communities of color at the local level, allow us to identify potential factors influencing wealth accumulation.
- Moreover, NASCC data offer an alternative interpretation to the traditional policy reports that only include aggregate statistics on Asian Americans, without much historical or localized knowledge to ex-plain variances.
- As a result, we are able to reframe the Asian American wealth narrative with disaggregated data and provide a more nuanced analysis that subverts the model minority myth
