American families on average saw large gains in income and wealth from 2019 to 2022, a period marked by the severe disruptions of the COVID-19 pandemic and massive government spending in response, and measures of financial fragility fell, a Federal Reserve survey published Wednesday showed.
But the income gains were largest among the highest earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
Median net worth rose sharply for all ethnic and income groups, the survey showed, though the lowest-earning 20% of households fared the worst, with a 2% decline on average over the period versus double-digit increases for all other income groups.
(Reporting by Ann Saphir and Dan Burns; Editing by Chizu Nomiyama)
