Pew Research Center

The Growing Economic Divide Among Asian Americans

A Closer Look at the Data

Asian Americans are among the most economically divided racial or ethnic groups in the United States today. According to data from the Federal Reserve's 2022 Survey of Consumer Finances, the median net worth of Asian American households was $140,000, compared to $171,000 for white households. However, this overall figure masks a wide range of variation within the Asian American population.

Income Inequality

One of the most significant factors contributing to the economic divide among Asian Americans is income inequality. The top 10% of Asian American earners have an average income of $415,000, while the bottom 10% earn an average of $20,000. This disparity is even greater than the income gap between the top and bottom 10% of white earners.

Wealth Inequality

The gap in wealth between Asian Americans is also significant. The top 10% of Asian American households own an average of $1.2 million in assets, while the bottom 10% own an average of $10,000. This wealth gap is largely due to the fact that Asian Americans are more likely to be homeowners than other racial or ethnic groups, and the value of homes has increased significantly in recent years. However, the rising cost of housing has also made it more difficult for many Asian Americans to afford to buy homes.

Education and Occupation

Education and occupation also play a role in the economic divide among Asian Americans. Asian Americans are more likely to have college degrees than other racial or ethnic groups, and they are more likely to work in high-paying occupations. However, there is still a significant gap between the earnings of Asian Americans and whites with similar levels of education and experience.

Policy Implications

The growing economic divide among Asian Americans has a number of policy implications. It is important to address the underlying causes of this divide, such as income inequality, wealth inequality, and discrimination. It is also important to provide support for low-income Asian Americans, such as affordable housing and job training programs.

Pew Research Center