{"id":18323,"date":"2015-02-27T17:02:20","date_gmt":"2015-02-27T17:02:20","guid":{"rendered":""},"modified":"2015-02-27T17:02:20","modified_gmt":"2015-02-27T17:02:20","slug":"Asian-Americans-are-catching-white-Americans-in-the-wealth-race","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=18323","title":{"rendered":"Asian Americans are catching white Americans in the wealth race"},"content":{"rendered":"

Asians are on their way to toppling whites as the wealthiest group in America.<\/strong><\/p>\n

Asians have had higher median incomes than their white counterparts<\/strong>, according to a new study by the Federal Reserve Bank of St. Louis. The typical Asian family has brought home more money for most of the past two decades.<\/p>\n

That fact, coupled with younger Asians’ higher rates of college education, means that they will surpass whites in net worth in the next decade or two, Fed researchers said.<\/p>\n

Some 65 percent of Asians age 35 to 39 have a college degree, compared to 42 percent of whites, 26 percent of blacks and 16 percent of Hispanics. Nearly a third of Asians that age have a graduate degree, more than twice that of whites. The share of blacks and Hispanics with advanced degrees are 9 percent and 5 percent respectively.<\/p>\n

Greater educational attainment has long been associated with higher incomes and wealth accumulation.<\/p>\n

This pursuit of learning has helped Asians quickly narrow the wealth gap between themselves and whites.<\/strong> In 1989, the median Asian family had about half the net worth of its white peer. By 2013, they had more than two-thirds.<\/p>\n

The gap between whites and blacks and Hispanics, meanwhile, remained little changed over that time period.<\/p>\n

Asians have similar financial habits to whites, in terms of investing and borrowing. Both groups are more likely than blacks and Hispanics to invest in stocks and privately-owned businesses and to have more liquid assets, which serves as a buffer against financial shocks. And, on average, the former have about half as much debt as the later.<\/p>\n

As a result, Asians and whites have more financial stability than blacks and Hispanics, which also allows the former to build more wealth.<\/strong><\/p>\n

Source cnnmoney<\/em>
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