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With the income gap between white and Black Americans reaching as high as 50%-60% in some states, the personal-finance website WalletHub today released its report on the States with the Biggest & Smallest Wealth Gaps by Race/Ethnicity, as well as expert commentary.
To measure the wealth inequality among racial groups in the U.S., WalletHub compared the 50 states and the District of Columbia across 21 key metrics, ranging from the median household income gap to the unemployment rate gap.
Biggest Racial Wealth Gaps | Smallest Racial Wealth Gaps | |
1. District of Columbia | 42. Arizona | |
2. Wisconsin | 43. Kentucky | |
3. Nebraska | 44. Missouri | |
4. Iowa | 45. Vermont | |
5. Minnesota | 46. Montana | |
6. North Dakota | 47. Hawaii | |
7. Rhode Island | 48. Maine | |
8. Illinois | 49. Florida | |
9. Connecticut | 50. Alaska | |
10. South Dakota | 51. West Virginia |
Best vs. Worst
- The highest median household income gap is four times higher in the District Columbia than in Hawaii.
- The highest homeownership rate gap is three times higher in North Dakota than in the District of Columbia.
- The highest poverty rate gap is 14 times higher in the District of Columbia than in Hawaii.
- The highest uninsured rate gap is 22 times higher in Maryland than in Hawaii.