In 2023’s The New Wealth Agenda, we called on leaders across the nation to join us in pursuing an ambitious goal: increase tenfold the wealth of households of color and those in the bottom half of the wealth distribution by 2050.
At the time, we identified 8 objectives that, if collectively achieved, could fulfill this vision, and we also established indicators related to households’ spending, saving, assets, and debts to track progress along the way. Now, one year later, we have dug into the most recent data—notably, the 2022 Survey of Consumer Finances—to chart changes and more precisely understand how households are doing financially.
The top takeaway: Between 2019 and 2022, households of all types achieved historically large growth of their net worth—a strong gain worthy of celebration. Less celebratory? Outcomes varied widely by race and ethnicity, as well as by what assets a household owned before the COVID-19 pandemic began, signaling that these gains may not be sustainable without additional action from public and private sector leaders.
Browse the full chartbook to understand the data’s important nuances, the valuable lessons learned from pandemic-era policies, and the fresh opportunities leaders have to create and strengthen wealth-building pathways for all.
