The Color of Wealth in Los Angeles
The first report to compile detailed data on assets and debts among people of different races, ethnicities and countries of origin residing in the Los Angeles area. Researchers from UCLA, Duke University and The New School, with support from the Federal Reserve Bank of San Francisco and the Insight Center for Community Economic Development, analyzed data on assets such as savings and checking accounts, stocks, retirement accounts, houses and vehicles. Debts included credit card debt, student loans, medical debt, mortgages and vehicle debt. Although much of the inequality discourse has focused on income, wealth is a better indicator of economic well-being and metric in understanding economic inequality.
The report provides estimates for U.S.-born blacks, blacks who are recent immigrants from Africa, Mexicans, other Latinos, Asian Indians, Chinese, Filipino, Japanese, Korean, Vietnamese and non-Hispanic whites in the Los Angeles Metropolitan Statistical Area (Los Angeles and Orange counties) using new data from the National Asset Scorecard and Communities of Color survey.