Distribution of Family Wealth,

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1 Distribution of Family Wealth, $12 million 99th percentile $10,400,000 $9 $6 $3 0 10th 50th 90th 10th 50th 90th $-19 $41,028 $238,860 $724 $82,746 $520, Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances Note: 2016 dollars. 99th percentile $1,457,201 95th $409,182 99th percentile $3,323,063 95th $959,196 10th 50th $-950 $97,300 95th $2,387,250 90th $1,186,

2 Distribution of Family Income, $200,000 $200,000 $182,826 $182,826 90th PERCENTILE 90th PERCENTILE $150,000 $150,000 3x $100,000 $95,268 13x 7x more $100,000 $95,268 2x more $50,000 $50,000 $47,026 50th PERCENTILE $64,959 $13,286 10th PERCENTILE $14, Source: Karen Smith, Urban Institute's tabulations from the Current Population Survey Notes: 2016 dollars. Income here is measured as private income (e.g., earnings and dividends) plus cash government benefits. Income differences narrow when all taxes and transfers such as health insurance and in-kind government benefits are included, but private wealth does not change.

3 Average Family Wealth by Race/Ethnicity, $1,000,000 $1,000,000 $919,336 $919,336 $750,000 $750,000 $500, x more $500, x more $250, , white families held 5x more wealth than black families $140,633 $139,523 $19,504 NON $250,000 $140, , white families held 5x more wealth than Hispanic families HISPANIC $19,504 NON $191,727 Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances Notes: 2016 dollars. No comparable data are available between 1963 and Black/Hispanic distinction within nonwhite population available only in 1983 and later. URBAN INSTITUiTE

4 Median Family Wealth by Race/Ethnicity, $200,000 $200,000 $171,000 $171,000 $150,000 $150,000 $100,000 $100,000 $50,000 $47, , white families held 8x more wealth than black families x more $50,000 $47, , white families held 11x more wealth than Hispanic families x more NON $17,409 $2, NON $20,920 $2,467 HISPANIC Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances Notes: 2016 dollars. No comparable data are available between 1963 and Black/Hispanic distinction within nonwhite population available only in 1983 and later.

5 Average Family Wealth for Those Born by Race $1,500,000 $1,338,360 $1,250,000 $1,000,000 $750,000 4x 5x 7x 10x 7x 6x $500,000 5x $250,000 $210,742 $63,444 3x more 3x 4x 5x $203,688 30s and 40s 40s and 50s 50s and 60s 60s and 70s Source: Urban Institute calculations from Survey of Consumer Finances Notes: 2016 dollars. Hispanic sample size too small to show. Age is defined as the age of the household head. In 2016, these people were ages 65 73; in 1983, they were ages

6 Median Family Wealth for Those Born by Race $500,000 $400,000 $317,510 $300,000 $200,000 4x 8x 3x 8x 7x 7x $100,000 $101,317 33x 3x 3x 8x $13,875 7x more $46,890 30s and 40s 40s and 50s 50s and 60s 60s and 70s Source: Urban Institute calculations from Survey of Consumer Finances Notes: 2016 dollars. Hispanic sample size too small to show. Age is defined as the age of the household head. In 2016, these people were ages 65 73; in 1983, they were ages

7 Average Accumulated Real Lifetime Earnings at Ages for People Born , by Gender and Race/Ethnicity $2.7 million $1.8 million $2.0 million $1.5 million $1.3 million $1.1 million Source: Melissa Favreault, Urban Institute's tabulations from the 2008 Survey of Income and Program Participation matched to Summary Earnings Records through Notes: 2015 dollars. These people are ages in Excludes people outside US for more than 10 years of adulthood; this is especially important for Hispanics, who are more likely foreign born. Earnings are accumulated using assumed interest rates from the OASDI trustees report. HISPANIC HISPANIC MEN WOMEN

8 Homeownership Rate by Race/Ethnicity, % 70% 68% 60% 50% 44% 40% 43% 30% HISPANIC 68% 46% 42% 20% 10% 0% Source: Urban Institute calculations from Current Population Survey values from Census Historical Household Surveys, Table HH values from Census Annual Statistics 2016, Table 22. Notes: White homeownership rate includes Hispanic whites. The 2016 homeownership rate for non-hispanic whites is 72 percent.

9 Average Family Liquid Retirement Savings, $200,000 $150,000 $157,884 $100,000 $50,000 $32,649 $25,212 HISPANIC $28,581 $5,954 $7, Source: Urban Institute calculations from Survey of Consumer Finances Notes: 2016 dollars. Liquid retirement savings include dollars in accounts such as 401(k), 403(b), and IRAs. Median liquid retirement savings for black and Hispanic families were zero from 1989 to Median liquid retirement savings for whites were zero through the mid-1990s, about $1,500 in 1998, and $10,000 in 2016.

10 Average Family Student Loan Debt for Those Ages 25 55, $15,000 $12,000 $14,225 $11,108 $9,000 $7,494 $6,000 $3,000 HISPANIC $1,161 $1,100 $ Source: Urban Institute calculations from Survey of Consumer Finances Notes: 2016 dollars. Age is defined as the age of the household head.

11 Share of Families with Student Loan Debt for Those Ages 25 55, % 40% 42% 34% 30% 20% 18% 22% 10% 13% 10% HISPANIC 0% Source: Urban Institute calculations from Survey of Consumer Finances Note: Age is defined as the age of the household head.

12 Size and Distribution of Select Asset-Building Tax Subsidies, 2017 Bottom 20% Second 20% Middle 20% Fourth 20% Top 20% HOMEOWNERSHIP Mortgage interest deduction State and local property tax deduction RETIREMENT SAVINGS Employer-sponsored retirement plans Individual retirement accounts Saver's credit $25 $50 $75 $100 $125 $150 $175 $200 Billions of dollars Source: Updated estimates from Steuerle et al. (2014). Note: Income refers to the Tax Policy Center s expanded cash income measure, which is described in Rosenberg (2013).