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Wealth Gains for Americans Who Lack College Degrees

September 28, 2017
 
 

New data from the U.S. Federal Reserve on changes in family income show that Americans without a college degree, and African-Americans and Hispanic families, had the most rapid increase in wealth from 2013-2016. However, college degree holders are still far more wealthy, as are white families (with almost 10 times the wealth of African-American households).

"The largest gains in median net worth occurred among families without a college degree, whose median net worth increased between 24 and 29 percent. For mean net worth, the largest gains occurred among families without a high school diploma, who experienced a 40 percent increase in mean net worth," the report found. "In contrast, families with a college degree saw a modest 2 percent gain in median net worth and a 24 percent gain in mean net worth."

Even so, the report showed that families with college degrees have a big head start, as The Washington Post reported.

"The median net worth of people with just a high school diploma jumped almost a quarter to $67,100, a sizable gain," according to the newspaper. "But people with college degrees have a median net worth of $292,100, over four times as much as those without bachelor's degrees."

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