Income | Index of Diversity

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Links | Contents Summary: Asians nationally have the highest household incomes, but it is lower in urban areas with high poverty rates, and is due to larger households with more earners. Asian men earn less than White men, while Asian women earn slightly more nationally. Both sexes earn less than Whites when education is taken into account.

Asians have lower per capita incomes than whites. In urban hi-poverty areas, it may as low or lower than African Americans, and most cities like Los Angeles, Seattle, and Boston have census tracts that meet the common definition of a ghetto with over 40% of families living under the poverty line, when none of these cities have White neighborhoods that meet this definition..

Blacks do lag, but they are closing. The gap is nonexistent at the bachelor degree level, even though skills probably lag whites, and skill differences explain most of the difference.

The United States doesn't pay the most, but it's up there, and you can buy more with your money.

@@Contents


Income Spectrum

@@American Dream

Is it possible?

US News and World Report Dec 12, 1996 "I'm OK, You're Not" 63% of
those surveyed believe they have achieved or are close to achieving
the "American Dream". Nearly half believe it is possible to achieve
for most families.


@@Best Paying

HACKER - DOCTORS, LAWYERS PAID THE MOST \clip\97\18\money.txt
Business Week 7/28/97 THEM THAT'S GOT SHALL GET MONEY Who Has How
Much and Why By Andrew Hacker Scribner 254pp $25 "Physicians have
held the best-paying jobs for most of this century, Hacker notes.
Three-quarters of private practitioners net more than $100,000 a
year, and a third of all doctors make at least double that.  Lawyers
are a more diverse lot, with a third making above $100,000 but 22%
earning $40,000 or less. "


@@Black

San Jose Mercury News, February 3, 1997 FOR LATINOS, ASIANS, MORE
SEGREGATION REPORT SHOWS SAN JOSE A LEADER IN THE TREND By Ken
McLaughlin Mercury News Staff Writer

Mercury News Analysis - Black income as % of white
83 San Jose
73 California
66 Georgia
66 Illinois
60 Alabama
56 Louisiana

BLACKS MAKE MORE IN WEST BLOOMFIELD NEAR DETROIT
"Racism not quite the culpret we're lead to believe" Seattle Times
6/18/97 F0703971 p.  a11 Cal Thomas. Blacks in several Detroit suburbs
are doing better financially than their white counterparts: "The
statistics denote dramatic improvements in the ability of middle-class
blacks to take advantage of their opportunities" West Bloomfield
Township per-capita income = $47,981 black vs.  $31,636 white.
Editorial said that black incomes were rising before affirmative
action and actually started to stagnate with the new social programs.
In November, the New York Times reported "blacks are the only group
whose inflation-adjusted median income exceeds what it was in 1989".
In 1989, black married couples earned 79 percent as much as white
married couples.


@@city

%%San Jose

\sjpay.txt - San Jose is #2 after NYC in pay

%%Seattle

11/2000
z46\clipim\2000\11\20\house90\house90.htm
http://seattletimes.nwsource.com/newmoney/charts/cpsseacpsus.html
Seattle Times 90th percentile household = $126,000
              10th                      =  $16,000

11/2000
z46\clipim\2000\11\20\work90\work90.htm
http://seattletimes.nwsource.com/newmoney/charts/wageranges.html
1998 dollars wages working 1,500 hours or more
    1990   1998
99  $162,341  $234,479
95   $88,878  $100,691
90   $70,550   $76,577
10   $18,874   418,077
Times analysis of state wage data



@@earnings

\doc\95\10\apifact.txt
Occupation and earnings

-    While API and non-Hispanic White females 25 and over with at
     least a bachelor's degree who worked year-round, full-time
     had similar earnings in 1993, their API male counterparts
     earned about $87 for every $100 of non-Hispanic White males'
     earnings.

-    The median earnings of college-educated API men who worked
     year-round, full-time trailed or were similar to those of
     their non-Hispanic White counterparts in major occupational
     categories, except for technical and related support jobs
     where they surpassed the median for comparably educated      
     non-Hispanic White men.

-    API and non-Hispanic White women with at least a bachelor's
     degree who worked year-round, full-time had similar median
     earnings in 1993 in most occupations, with two exceptions: 
     the median earnings of API women exceeded those of           
     non-Hispanic Whites in professional jobs but was lower in
     sales positions.

@@Education compared with education,

see _education/income



\y\priv\2011\08\collegevspay.txt


"White workers earn more than African-American and Latino workers at
every level of education. Asian workers, in contrast, make more money
than white workers at the three graduate levels: master's, Ph.D., and
professional degrees."

CHE 57n43: When it Comes to Earnings, Higher Education Isn't the Whole
Story http://chronicle.com/article/Education-Pays-but-So-Does/128526/
August 4, 2011
By Beckie Supiano

How much money people make has a lot to do with how educated they are,
but sometimes less-educated people earn more.

This spring, Georgetown University's Center on Education and the
Workforce ...new report, "The College Payoff: Education, Occupation, Lifetime
Earnings," released Thursday..... they found that median lifetime
earnings rise with education level: The typical worker with less than
a high-school diploma earns $973,000 over a career, in 2009 dollars,
while a worker with a professional degree (mainly in law or medicine)
earns $3.6-million.


@@engineer

\priv\95\18\matloff1.txt 75% of the foreign-born engineers in Silicon
Valley are Chinese to the Chinese Student Protection Act.  That 75%
figure is from the 1990 Census, but it's not due to the Chinese
Protection act.

ASIAN IEEE MEMBERS TRAIL WHITES
\doc\95\06\ieeesurv.txt
"IEEE members salaries beat inflation" Electronic Engineering Times
May 15, 1995 p. 103
Survey of 4,064 working members of the IEEE engineering association
shows:

Salary 
White    $67,133
Black    $65,000
Hispanic $62,500
Asian/PI $65,000


@@family income

Family income

ASIANS 1.5X TO HAVE 3 OR MORE EARNERS
\doc\95\10\apifact.txt
-    In 1993, the median income of API families ($44,460) was
     similar to that of non-Hispanic White families ($41,110).
     (yeah, but it's also HIGHER)
-    Both the husband and wife worked in similar proportions of
     API and non-Hispanic White married-couple families in 1993
     (about 60 percent).  However, 1990 census data showed that
     20 percent of API families compared with 13 percent of       
     non-Hispanic White families had three or more earners.
-    In 1993, the median income of API families maintained by
     women with no spouse present ($28,920) was higher than that
     of comparable non-Hispanic White families ($21,650).
     (hmmm, why is this??)

@@family support

\doc\95\07\cendata.txt
RACE. About 16 percent of providers were either Black or of races
other than White; these groups constituted 14 percent of the total
adult population. About 5 percent of all providers were Hispanic, the
same proportion as in the adult population.

* While the levels of annual payments were lower for Blacks and for
persons of other races ($2,100) as compared with Whites ($3,183),
their payments as a percentage of annual family income were similar: 9
percent for Blacks and 8 percent for Whites.

RACE AND HISPANIC ORIGIN

White                           85%
Black                           11%
Other                            4%
Hispanic origin*                11%


@@household income

_household income


Spectrum
-----------------------------------------
HHI US 1990       W1.00 B-1.59 H-1.30 A1.17
HHI US 1996       W1.00 B-1.92 H-1.49 A1.16 
HHI US 1980       W1.00 B-1.61 H-1.30 A1.13

Summary - Asian Americans have the highest household incomes. Broken
down by ethnicity, Japanese, Filipinos and Asian Indians come out
highest. Only Southeast Asian and Pacific Islander groups come out
much below average. Cambodians and Hmong are as bad or worse than the
African Americans, who would otherwise rank last.

http://scholar3.lib.vt.edu/VA-news/VA-Pilot/issues/1996/vp960307/9603070470.html
\clip\97\04\usfam.txt THE VIRGINIAN-PILOT DATE: Thursday, March 7,
1996 TAG: 9603070470 p. A5 SOURCE: ASSOCIATED PRESS U.S. FAMILIES
BECOMING MORE STABLE, STUDY SAYS 

Population Reference Bureau, 1996
Household income by race
 1.16 $40,500  Asian American
 1.00 $35,000  White, non Hispanic
-1.49 $23,400  Hispanic
-1.92 $21,000  Black

\doc\web\96\07\incpov.txt Source: US Census Bureau

Median household income 1994, 1995 and
1995 poverty rate by group
          1994   1995  95 pov
Race
NHwhite  35766 36121    8.5
black    21623 22393   29.3
hisp     24085 22860   30.3(2)
asian    41629 40614   14.6
all            34076   13.8
Immigration status
native-born            13.0
for-born               22.2
naturalized            10.7
for-noncit             27.8

(2) first time Hispanic poverty is higher than black


\doc\94\19\incpov.wk1 - Income and Poverty by Race
US 1990 Median Household Income W1.00($32,960) B-1.69($19,532) H-1.44($22,886), A1.04($34,387)
US 1990 Poverty Rates W1.00(12.2%) B2.71(33.1%) H2.51(30.6%) A1.25(15.3%)

         doc937\asianrnk.xls
         Asian 1980 census by Rank

         Median household (dollars)
         $22,517   Japanese        1.40
         $21,926   Filipino        1.36
         $20,598   AsIndian        1.28
         $20,231   Asian           1.26
         $19,966   Asian/PI        1.24  1.13
         $19,561   Chinese         1.21
         $19,223   Pakistani       1.19
         $18,145   Korean          1.13
         $17,680   White           1.10  1.00
         $17,168   Indonesian      1.07
         $16,894   Guamanian       1.05
         $16,841   US              1.04
         $16,593   Hawaiian        1.03
         $16,250   Tongan          1.01
         $16,136   Polynesian      1.00
         $16,120   Thai            1.00
         $16,109   PacIsld        -1.00
         $15,960   Micronesian    -1.01
         $15,604   Melanesian     -1.03
         $13,848   Samoan         -1.16
         $13,502   Hispanic       -1.19 -1.30
         $12,549   Vietnamese     -1.28
         $12,256   Native Am      -1.32
         $10,943   Black          -1.47 -1.61
          $9,306   Cambodian      -1.73
          $5,277   Laotian        -3.05
          $4,977   Hmong          -3.24

\doc\95\12\asiark90.txt
         Median income, 1989 dollars
         Group       Income      Index    (1980)
         Indian        $44,696      1.42  (1.28)
         Filipino      $43,780      1.39  (1.36)
         Japanese      $41,626      1.32  (1.40)
         Jewish(LATime)$37,000      1.18
         Asian         $37,007      1.18
         AsianPI       $36,784      1.17  (1.24)
         Chinese       $36,259      1.15  (1.21)
         Hawaiian      $34,830      1.11
         PacIsl        $31,980      1.02
         White NonH    $31,672      1.01
         Thai          $31,632      1.01
         Melanesian    $31,450      1.00
         White         $31,435      1.00
         Guamanian     $30,786     -1.02
         Korean        $30,184     -1.04  (1.13)
         US            $30,056     -1.05
         OthAsian      $30,010     -1.05
         Vietnam       $29,772     -1.06
         Samoan        $27,511     -1.14
         Tongan        $26,440     -1.19
         OtherPI       $25,542     -1.23
         Hispanic      $24,156     -1.30  (-1.19)
         Laotian       $23,019     -1.37
         NativeAm      $20,025     -1.57
         Black         $19,758     -1.59  (-1.47)
         Cambodia      $18,837     -1.67
         Hmong         $14,276     -2.20

Jewish from LA Times 4/13/88 poll, otherwise 1990 census

BOSTON: INDIANS HIGHEST $72,000 PER YEAR, POVERTY 2X WHITE RATE
http://www.aaca-boston.org/SampanWeb/ehtml/2004/0604/study.htm Last
updated on 06/07/04 Sampan (Boston) Study on Asians Shows Diversity By
Adam Smith According to a new study released by the Institute for
Asian American Studies at UMass Boston, there are no hard and fast
rules for the city's Asian American population the median household
income for Asian Americans was less than that of whites and higher
than that of other racial groups, most Asian subgroups earn
dramatically different incomes. Indians were at the top in the year
2000, earning a median household income of nearly $72,000 a year.
Cambodians earned the lowest incomes, making about half that of
Indians. As a whole, Asian Americans earned a median household income
of $51,830 a year. More than one in 10 Asian Americans are considered
as living in poverty -- this is nearly double that of the entire
population in the metro Boston area.


http://www.census.gov/hhes/income/income99/99tableb.html
Income 1999 
--------------------------------------------------------------------------------
Table B.  Income of Households by Race and Hispanic
Origin Using 1997-1999 3-Year-Average Medians

(In 1999 dollars)
------------------------------------------------------
                           3-year-average (1997-1999)
                      --------------------------------
                                        Median 1/
                                ----------------------
                                          90-percent
Race and                                  confidence
   Hispanic origin    Number of             interval
                      households      Valu     (+/-)
                      (1,000)   (dollars)  (dollars)
-----------------------------------------------------
     All Races          103,702    39,657        235
White                    86,996    41,591        268
  Non-Hispanic           78,444    43,287        288
Black                    12,634    26,608        523
American Indian and
  Alaska Native             815    30,784      2,178
Asian and Pacific
  Islander                3,257    48,614      1,729

Hispanic 2/               8,990    29,110        582
-----------------------------------------------------

1/ The 3-year-average median is the sum of
inflation-adjusted single-year medians divided by
three.
2/ Hispanics may be of any race.
Source:  U.S. Census Bureau, Current Population Survey, March 1998, 1999, and 2000.

Table 10 Median Houshold and Per Capita Income by State and Racial and Asian Groups, 2000 [UPDATED]
z82\clipim\2004\07\71803_table3.pdf
http://www.calstatela.edu/centers/ckaks/census/71803_table3.pdf
per capita income
New York State 2000 Census
37,011 japanese
28,130 filipino
27,244 white
.23,028 asian indian
20,618 asian
19,160 korean
17,984 chinese
15,805 vietnamese
15,498 black

Median household income 2000 Census
California
72,130 Asian Indian
62,143 Filipino
57,431 Chinese
55,577 Japanese
55,366 Asian
53,734 Non-Hispanic White
48,443 Vietnamese
40,758 Korean
36,532 Hispanic
34,956 Black

z60\clip\2002\10\jewpop.txt
Published in the Washington Times, Wednesday, October 09, 2002, A3
JEWISH POPULATION IN U.S. DECLINING
Median age up 4 years, survey finds
By Rachal Zoll - ASSOCIATED PRESS
The median household income for Jews is about $50,000, compared with
$42,000 for all U.S.  households.  



@@black parity


NO BLACK INCOME GAP AT BACHELOR'S LEVEL
\doc\95\02\cens301.txt
At the bachelor's degree level, there was an earnings parity between
African American and non-Hispanic White females working year-round,
full-time in most of the occupations.

\doc\94\8\blakquen.txt black income greater than white in Queens

@@black progress / decline

Sept 94 Census Statistical Brief for Congress
In 1969, black median family income was 61% of whites
In 1992, it had declined to 54 percent
Married-couple families increased from $26,100 in 1969 to 
$34,200 in 1993, up 31% so gap reduced from 72% in 1969 to
80% in 1992


@@city

asian income city santa clara co
doc942\priv\scedincm.txt

d:\priv\94\20\calfcen3.txt Asian  American  incomes,  which  topped
all groups in 1980, also fell  relative  to  white  pay. By 1990,
Asian average household income was  lower than that of whites, but
still close. Income  has always been closely associated with
education, and the  new figures bear that out. The two groups with
the highest education  levels -- whites and Asians -- also had the
highest incomes.

doc\census\aincome.wk1 

\doc\97\02\svwage.txt
WHITES AND MEN PAID MOST IN SILICON VALLEY, MORE THAN
ASIANS

Silicon Valley Wages by race
1980
       W   B   H    A
Men    100     86   89
Women   67     92   91

1990   W   B   H    A
Men    100     75   86
Women  78      81   88

Santa Clara Cnty 1990 W1.00 B

Study controlled for age, education and
number of hours worked
Source: Martin Camoy professor of
economics and education, Stanford University
from table
http://www.sjmercury.com/news/local/census/wkplace.htm
San Jose Mercury News 2/4/97

For all the talk about immigrants dragging down wages, the white guys
are doing just fine.


@@engineer

doc935:immgeng.xls - immigrant engineers make equal or more, >50%
asian

doc936:immig2.xls - immigrant by country, continent of origin African #1

@@intelligence - see skills



@@Language / English

Those who can speak English in the US earn more than those who don't

IMMIGRANTS EARN MORE WHEN THEY SPEAK ENGLISH

\doc\web\97\04\engpay.txt
Average earnings of immigrant men 25-64 (does not account of other
differences)
                                     Pct of for born
Speaks english            $37,694    21%

                 Spanish   Other
               Lang Orig   Orig
Very well       $26,155    $37,300   32%
Well            $19,653    $27,681   22%
Not well        $14,438    $20,683   17%
Not at all      $11,316    $15,604    8%

Source: Census Bureau, Barry R. Chiswick
University of Illinois

As cited by "Langauge skills, earning power linked" Seattle Times May
24, 1997 F060597 R.A. Zaldivar, Knight-Ridder Newspapers.


@@Net worth

median net worth
$86,100 us 2001
$19,010 black 2002
 $5,919 black 1989

\clip\2004\10\netweal.txt
Seattle Times October 18, 2004
Wealth gap among races widens in recession 
By Genaro C. Armas 
The Associated Press 

2002    NetWorth  Ratio
white   $88,000   1.0
all     $59,700
hispanic $7,900  1/11.0
black    $6,000  1/14.6
source: Pew Hispanic Center 2004

nearly one-third of black families and 26 percent of Hispanic families
were in debt or had no net assets, compared with 11 percent of
non-Hispanic white families.


68% us home owner rate 2003
48% black home owner rate 2003
42% black home owner rate 1990

Z75\clip\2003\10\blweal.txt
HoustonChronicle.com
Oct. 29, 2003, 10:48PM
Home ownership helps blacks close wealth gap Reuters News Service 
net wealth of the typical African-American household increased
from $5,919 in 1989 to $19,010 in 2001, according to Federal Reserve
data analyzed by the Consumer Federation of America, a nonprofit
advocacy group.  But black households still trailed the nationwide
median of $86,100 in 2001, the group said.  rise in homeownership
..increased from 42 percent in 1990 to 48 percent in 2003 The
nationwide homeownership rate is 68 percent. 

US MEDIAN NET WORTH $71,600
report: us families wealthier
Seattle Times jan 19, 2000
federal reserve report
median net worth
71,600 1998
60,900 1995
59,700 1989
average 
282,500 1998
224,800 1995
236,900 1989
48.8 households own stock 1998
30   1989
families under 10k income 1900 on 1989, 1800 1995 3600 in 1998


@@per capita

While Asian median household income is the highest of any race, per
capita income is nationally about 20% less, due to larger households
and more children who are still at home. Only the Japanese and
Indo-Americans have higher per capita incomes than non-Hispanic
Whites.

Southeast Asians range from Vietnamese being as low as African African
Americans down to 1/6 national average for the Hmong. Per capita
incomes in some urban cities such as the San Francisco Bay Area and
Boston may be as low or lower than African Americans.

%%Boston

%%National

\doc\95\12\asiark90.txt
         Per Capita Income
         Ethnicity     Income      Index
          Japanese       $19,373      1.21
          Indian         $17,777      1.11
          NHisp White    $16,074      1.00
          White          $15,687     -1.02
          Chinese        $14,876     -1.08
          US             $14,143     -1.14
          Total          $13,806     -1.16
          Asian/PI       $13,638     -1.18
          Filipino       $13,616     -1.18
          Thai           $11,970     -1.34
          OtherPacIsl    $11,651     -1.38
          Hawaiian       $11,446     -1.40
          Korean         $11,177     -1.44
          OtherAsian     $11,000     -1.46
          Guamanian      $10,834     -1.48
          PacIslander    $10,342     -1.55
          Melanesian      $9,578     -1.68
          Vietnamese      $9,032     -1.78
          Black           $8,859     -1.81
          Hispanic        $8,400     -1.91
          Native Am       $8,328     -1.93
          Samoan          $7,690     -2.09
          Tongan          $6,144     -2.62
          Laotian         $5,597     -2.87
          Cambodian       $5,120     -3.14
          Hmong           $2,692     -5.97

  doc922\pcincome.wk1 per capita income for Hisp and Asians often worse
    than black in Sf Bay area cities

  doc922\pcincome.xls - excel for printing

\doc\doc923\percapin.doc Asians lower per capita income,
Quayle/Murph, family structure, Mass, Calf

\doc\94\8\asself.txt Seattle: W20,645 A11,881 (near black)

\doc\95\06\browning.txt - Hispanics in the midwest have the lower per
capita incomes than blacks

doc\census\percap91.wk1 

doc\pop\percapit.wk1  1980 Census
per capita           B.50 H.58 A.97
household total      B.62 A1.13 H.76
household urban      B.66 A1.06 H.74
household suburb     B.72 A1.13 H.81
men                  B60.8 A91.0 H70.5
women                B87.3 A124.8 H88.4

\doc\pop\percapit.wk1,\doc\96\03\percap.prn
General Family Characteristics by Race and Neighborhood: 1980 Census

Median Per-Capita Income
Total    Total       Urban      Suburb     Rural
White         $7,808     $8,212     $8,898     $6,599 <- Rural Whites bring down average  
Black         $4,545     $4,681     $5,639     $3,316  
Asian         $7,037     $6,707     $7,736     $6,426  
Hisp          $4,586     $4,349     $5,439     $3,830    

Income Relative to Whites  
Black             58%        57%        63%        50%  
Asian             90%        82%        87%        97%<-Asians have lower per-capita income
Hisp              59%        53%        61%        58%    

http://www.arthurhu.com/index/income.htm#skills

@@Skills / Test Scores

Arthur Hu comment - the NAEP notes a 4 year gap in the skills between blacks and whites (and up to 2 years gap between Whites and Asians in math) at any given grade, thus this explains the gap where black college grads earn a levels comparable to white high school graduates, and white dropouts earn as much as blacks who do not finish high school. Thus the recent Census proclamation that blacks now finish high school at the same rates as whites is not really meaningful until their skills are also equal. BLACKS EARN 19% LESS FOR = EDUCATION, BUT 9% MORE FOR EQUAL SKILLS \doc\web\97\07\blakprog.txt (summary) \clip\97\20\blakprog.htm Wall Street Journal Ed. Sept 3, 1997 The Real Story of Black Progress BY ABIGAIL THERNSTROM And STEPHAN THERNSTRON - 1991 study of 26-33 yr old men found blacks earned 19% less for equal education, but when tested for equal skills in verbal and math skills, black men earned 9% more for equal skills. RACE EARNINGS GAP EXPLAINED BY STANDARDIZED TEST SCORES "Don't Blame Technology This Time" Bennet Harrison (benh@tiac.net) Technology Review July 1997 p. 62 F062697. Harvard University economist Ronald Ferguson found that racial differences in math and language skills, as measured by standard written tests, correlate strongly with the gap between the earnings of black and white youth. TWO THIRDS OF MALE RACE EARNINGS GAP EXPLAINED BY AFQT TEST SCORES \clip\96\04\skillgap.txt BusinessWeek / September 23, 1996 IS THE RACE GAP A SKILLS GAP? Why wages of blacks are lagging In a controversial new study in the current issue of The Journal of Political Economy, however, Derek A. Neal of the University of Chicago and William R. Johnson of the University of Virginia found that measured by the Armed Forces Qualification Test, poorer skills as reflected in the standardized test scores explained "roughly two-thirds of the racial wage gap among young men and all of the gap for young women"

@@Wealth

Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics Twenty-to-One By Rakesh Kochhar, Richard Fry and Paul Taylor, Pew Research Center's Social & Demographic Trends July 26, 2011 Median Net Worth of Households in 2005 and 2009 2009 20 to 1 White $113,149 -18% +++++++++++ Hispanic $6,325 1/3 ++++++ Black $5,677 1/2 ++++++ 2005 6 to 10:1 White $134,992 +++++++++++++ Hispanic $18,359 ++++++ Black $12,124 ++++++ From 2005 to 2009, inflation-adjusted median wealth fell by 66% (leaving 1/3) among Hispanic households and 53% (about half) among black households, compared with just 16% among white households. Plummeting house values were the principal cause of the recent erosion in household wealth among all groups, with Hispanics hit hardest by the meltdown in the housing market. From 2005 to 2009, the median level of home equity held by Hispanic homeowners declined by half -- from $99,983 to $49,145 -- while the homeownership rate among Hispanics was also falling, from 51% to 47%. a much higher share of whites than blacks or Hispanics own stocks see full report Asians: In 2005 median Asian household wealth had been greater than the median for white households, but by 2009 Asians lost their place at the top of the wealth hierarchy. Their net worth fell from $168,103 in 2005 to $78,066 in 2009, a drop of 54%. Like Hispanics, they are geographically concentrated in places such as California that were hit hard by the housing market meltdown. The arrival of new Asian immigrants since 2004 also contributed significantly to the estimated decline in the overall wealth of this racial group. Absent the immigrants who arrived during this period, the median wealth of Asian households is estimated to have dropped 31% from 2005 to 2009. Asians account for about 5% of the U.S. population. Minorities, especially Asians, rode the crest of this wave, narrowing the gap in homeownership with respect to whites. However, homeownership rates peaked in 2004 for whites and blacks and in 2006 for Hispanics and Asians.5 http://pewsocialtrends.org/2011/07/26/wealth-gaps-rise-to-record-highs-between-whites-blacks-hispanics/3/ 2005 2009 Whites $134,992 $113,149 Hispanic $18,359 $6,325 Blacks $12,124 $5,677 Asians $168,103 $78,066 ($116,555 excluding new immigrants) Hispanics and Asians were further affected because they are disproportionately likely to reside in states that have been among the hardest hit by the housing crisis: California, Florida, Nevada and Arizona. Asian households lost their standing at the top of the wealth ranking. Their net worth is estimated to have fallen by 54%, from $168,103 in 2005 to $78,066 in 2009. However, as discussed in greater detail in the appendix, the recorded decrease in the wealth of Asian households, more than three-quarters of which are headed by immigrants, is sensitive to the arrival of new immigrants between 2005 and 2009. The accumulation of assets takes time, and immigrants initially tend to have low levels of wealth.9 If the 2009 SIPP sample is adjusted to remove immigrants who arrived since 2004, the median wealth of Asian households in 2009 is estimated to be $116,555. That is a drop of 31% from 2005, nearly twice as much as for white households but still leaving Asian households with median wealth that is similar to that of whites.10 Households with zero or negative net worth 2005 2009 all 15 20 white 11 15 hispanic 23 31 blacks 29 35 asians 12 19 source: pew research center The greatest losses were felt by Hispanic and Asian homeowners. For Hispanics, the median level of home equity fell by half (51%), from $99,983 in 2005 to $49,145 in 2009. Median home equity for Asian homeowners dropped from $219,742 in 2005 to $150,000 in 2009, a loss of 32%. The median value of stocks and mutual funds owned by whites dropped modestly, falling 9% from $30,984 in 2005. Stocks and mutual funds owned by Asians actually increased in value, rising 19% from $25,270 in 2005 to $30,000 in 2009. asset ownership: http://pewsocialtrends.org/files/2011/07/2011-wealth-gaps-09.png ASIANS SIMILAR TO WHITES Whites and Asians are much more likely than Hispanics and blacks to own financial assets. More than 80% of whites and Asians own interest-earning assets at financial institutions, compared with about 60% of Hispanics and blacks. Whites and Asians are also three to four times as likely as Hispanics and blacks to own stocks and mutual fund shares. For example, in 2009, 27% of whites owned stocks and mutual fund shares, but only 7% of blacks owned then. And almost as large a disparity exists with regard to IRA or Keogh accounts—about 35% of whites and Asians were owners compared with about 11% of Hispanics and blacks. Ownership rates for 401(k) and thrift savings accounts are about 45% for whites and Asians but only about 25% to 30% for Hispanics and blacks. @@Worker Workers are getting larger share of US income! \clip\97\18\worker\worker.txt Business Week July 28, 1997 p. 24 WORKERS GET MORE OF THE PIE That's what new tax data suggest "Adjusted for the number of workdays in the month, the rise in withheld tax receipts was 12.1%, vs. an anemic 1.3% rise in corporate tax collections. Unadjusted, the rise was 17.7%, vs. 6.4%." asian.income.world @@world US Labor Department, all jobs: Average hourly pay, 1993 (latest available); Germany: $25.71 Switzerland: $22.63 Japan: $19.01 US.: $16.73 Korea: $5.53 Mexico: $2.59 \priv\95\01\worlincm.txt - US has highest standard of living in the world of any large power, even though it is number 7 in per capita GNP because of competitive efficient economy with low prices, number 2 after Luxembourg in purchasing power per capita World Bank figures: Real GNP per capita ------------------------- 1. Luxembourg $29,510 2. United States $24,750 3. Switzerland $23,620 4. United Arab Emirates $23,390 5. Qatar $22,910 6. Hong Kong $21,670 7. Japan $21,090 8. Germany $20,980 9. Singapore $20,470 10. Canada $20,410 -------------------------- The United States consistently has ranked among the top two on this basis. ''Everybody loves coming to the United States because prices are cheaper here,'' said World Bank economist Michael Ward. \priv\95\09\worlinc.htm - writer can't believe that US has 2nd highest standard of living after Luxembourg because of poor working people. "Displacing Switzerland from atop the list of most-affluent nations (and scorning Luxembourg, which doesn't count), the United States leads the world in terms of gross domestic product per person and what you can buy with your money. Japan was fourth; Germany was 12th."
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