Billions at Risk: What Drives Wealth Loss for Black Families

<div class="header alignfull header--article header--min-height-full has-background has-tonal-black-background-color"> <div class="header__layout"> <div class="header__content"> <div class="header__metadata"><div class="header__metas"><div class="header__meta header__meta--taxonomy header__meta--tax-category"> Publications</div></div></div> <h1 class="header__title has-h2-variant">Archives</h1> <div class="header__metadata"><div class="header__metas"><div class="favorite-block"> <button class="favorite" data-id="321368" data-state="" title="Favorites are not currently available" disabled><span class="favorite__on">Unfavorite</span><span class="favorite__off">Favorite</span><svg class="svg svg--svg-assets-svg-icon-bookmark" role="img" height="15" width="11"><use xlink:href="#svg-assets-svg-icon-bookmark" /></svg></button></div> <div class="header__meta header__meta--date"> October 7, 2026</div> <div class="header__meta header__meta--taxonomy header__meta--tax-program_tax"> Financial Security Program</div></div></div> </div> </div> <figure class="header__media" role="presentation"> </figure> </div> <div class="wp-block-group alignfull has-white-background-color has-background is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-0a3ccd44 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="border-top-color:var(--wp--preset--color--tonal-black);border-top-width:8px;padding-top:var(--wp--preset--spacing--medium);flex-basis:33.33%"> <div class="post-people"> <div class="post-people__person"> <figure class="post-people__headshot"> <img loading="lazy" decoding="async" width="300" height="212" src="https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-300x212.png" class="attachment-mobile size-mobile" alt="" srcset="https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-300x212.png 300w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-800x565.png 800w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-1500x1060.png 1500w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-768x543.png 768w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-1536x1086.png 1536w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-2048x1448.png 2048w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-1542x1090.png 1542w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-1600x1131.png 1600w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-955x675.png 955w, https://www.aspeninstitute.org/wp-content/uploads/2016/08/KLM-final_2-scaled-e1778702411709-956x676.png 956w" sizes="auto, (max-width: 300px) 100vw, 300px" style="object-position: 50% 30%" /> </figure> <div class="post-people__info"> <h3 class="post-people__name"> <a href="https://www.aspeninstitute.org/people/katherine-lucas-mckay/" class="post-people__link"> Katherine Lucas McKay </a> </h3> <p class="post-people__position"> Principal Researcher, Insights and Evidence </p> </div> </div> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="border-top-color:#1b162130;border-top-width:2px;border-right-style:none;border-right-width:0px;border-bottom-style:none;border-bottom-width:0px;border-left-style:none;border-left-width:0px;padding-top:var(--wp--preset--spacing--medium);flex-basis:66.66%"> <h2 id="h-executive-summary" class="wp-block-heading has-h3-variant">Executive Summary</h2> <p class="wp-block-paragraph">In 2022, Black households’ wealth in the United States was at the highest level ever recorded. This record reflects Black households’ strong wealth gains between 2019-2022, when median Black household wealth reached $44,100 (compared to the national median of $192,700). But as Black Americans have experienced greater economic opportunities and many have been able to build up meaningful net worth, an additional challenge has come into sharper focus: wealth loss.</p> <p class="wp-block-paragraph">This report focuses on the assets that people generally intend to preserve throughout their working lives or lifetimes: home equity, retirement savings, and wealth held in businesses they own. We examined historical events and current trends to develop broad estimates of the amount of Black-owned assets at risk in each of these areas. </p> <p class="wp-block-paragraph">The executive summary overviews the main findings from this analysis. The full report, available later this month, will provide more in-depth examination of how we identified and estimated wealth loss risks.</p> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button"><a class="wp-block-button__link wp-element-button" href="https://www.aspeninstitute.org/wp-content/uploads/2026/10/Black-Wealth-Executive-Summar-09-2026-v4.pdf">Download the Executive Summary<span class="wp-block-button__effect"></span></a></div> </div> </div> </div> </div> <div class="card-slider alignfull has-grid-spacing-small"><div class="card-slider__nav"> <h2 id="h-related" class="wp-block-heading has-h4-variant">Related</h2> <button type="button" class="card-slider__go card-slider__go--back" aria-label="Previous"> <svg class="svg svg--svg-assets-svg-icon-arrow-left" role="img" focusable="false" height="0" width="0"><use xlink:href="#svg-assets-svg-icon-arrow-left"/></svg> </button> <button type="button" class="card-slider__go card-slider__go--forward" aria-label="Next"> <svg class="svg svg--svg-assets-svg-icon-arrow-right" role="img" focusable="false" height="0" width="0"><use xlink:href="#svg-assets-svg-icon-arrow-right"/></svg> </button> </div> <div class="card-slider__content"><div class="dyn-card"> <div class="dyn-card__wrap"> <div class="dyn-card__media"> <figure class="dyn-card__image"> <a class="dyn-card__image-link" href="https://www.aspeninstitute.org/publications/innovations-to-accelerate-rural-wealth-building/" tabindex="-1"> <img loading="lazy" decoding="async" width="1200" height="627" src="https://www.aspeninstitute.org/wp-content/uploads/2026/09/Nasdaq-Rural-Wealth-graphics.png" class="attachment-large size-large" alt="A stock image graphic" style="object-position:39% 72%" /> </a> </figure> <div class="dyn-card__label"> <span class="has-meta-variant">Publications</span> </div> </div> <div class="dyn-card__content"> <h2 class="dyn-card__title has-h5-variant"><a href="https://www.aspeninstitute.org/publications/innovations-to-accelerate-rural-wealth-building/">Innovations to Accelerate Rural Wealth Building  </a></h2><div class="dyn-card__excerpt">Aspen FSP&#8217;s essential wealth metric is a new benchmark that measures how much wealth families need not just to survive, but to thrive. </div><ul class="dyn-card__meta dyn-card__people"><li class="dyn-card__person"><a href="https://www.aspeninstitute.org/people/katherine-lucas-mckay/">Katherine Lucas McKay</a></li></ul> </div> </div> </div> <div class="dyn-card"> <div class="dyn-card__wrap"> <div class="dyn-card__media"> <figure class="dyn-card__image"> <a class="dyn-card__image-link" href="https://www.aspeninstitute.org/publications/colorado-essential-wealth-metric/" tabindex="-1"> <img loading="lazy" decoding="async" width="1500" height="1000" src="https://www.aspeninstitute.org/wp-content/uploads/2026/09/iStock-1473305824_s-1500x1000.jpg" class="attachment-large size-large" alt="Colorado Essential Wealth Metric" style="object-position: 50% 50%" /> </a> </figure> <div class="dyn-card__label"> <span class="has-meta-variant">Publications</span> </div> </div> <div class="dyn-card__content"> <h2 class="dyn-card__title has-h5-variant"><a href="https://www.aspeninstitute.org/publications/colorado-essential-wealth-metric/">Colorado Essential Wealth Metric</a></h2><div class="dyn-card__excerpt">As part of our essential wealth metric project, Aspen FSP has collaborated closely with our partners at Gary Community Ventures to look specifically at the wealth of Coloradans.</div> </div> </div> </div> <div class="dyn-card"> <div class="dyn-card__wrap"> <div class="dyn-card__media"> <figure class="dyn-card__image"> <a class="dyn-card__image-link" href="https://www.aspeninstitute.org/blog-posts/australia-trump-accounts-social-security/" tabindex="-1"> <img loading="lazy" decoding="async" width="1500" height="422" src="https://www.aspeninstitute.org/wp-content/uploads/2026/05/KC-and-Karen-at-26-ALFRS-1500x422.png" class="attachment-large size-large" alt="Lessons From Down Under: What Australia’s Retirement System Really Teaches Us About Trump Accounts and Social Security" style="object-position: 50% 50%" /> </a> </figure> <div class="dyn-card__label"> <span class="has-meta-variant">Blog Posts</span> </div> </div> <div class="dyn-card__content"> <h2 class="dyn-card__title has-h5-variant"><a href="https://www.aspeninstitute.org/blog-posts/australia-trump-accounts-social-security/">Lessons From Down Under: What Australia’s Retirement System Really Teaches Us About Trump Accounts and Social Security</a></h2><div class="dyn-card__excerpt">Australia has become the go-to example for those arguing that America should rethink retirement. 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But How Much Is Essential?</a></h2><div class="dyn-card__excerpt">Attaining a baseline of security, mobility, and well-being requires wealth. But exactly how much is needed? This brief aims to offer a path toward greater empirical understanding of what constitutes essential wealth and how to measure it. </div><ul class="dyn-card__meta dyn-card__people"><li class="dyn-card__person"><a href="https://www.aspeninstitute.org/people/steven-brown/">Steven Brown</a></li><li class="dyn-card__person"><a href="https://www.aspeninstitute.org/people/katherine-lucas-mckay/">Katherine Lucas McKay</a></li></ul> </div> </div> </div> <div class="dyn-card"> <div class="dyn-card__wrap"> <div class="dyn-card__media"> <figure class="dyn-card__image"> <a class="dyn-card__image-link" href="https://www.aspeninstitute.org/videos/we-dont-have-to-choose-between-stability-and-wealth/" tabindex="-1"> <img loading="lazy" decoding="async" width="1500" height="844" src="https://www.aspeninstitute.org/wp-content/uploads/2025/07/Generic-web-header-1500x844.png" class="attachment-large size-large" alt="Video: We Don’t Have to Choose Between Financial Stability and Wealth" style="object-position: 50% 50%" /> </a> </figure> <div class="dyn-card__label"> <span class="has-meta-variant">Blog Posts</span> <span>Videos</span> </div> </div> <div class="dyn-card__content"> <h2 class="dyn-card__title has-h5-variant"><a href="https://www.aspeninstitute.org/videos/we-dont-have-to-choose-between-stability-and-wealth/">Video: We Don&#8217;t Have to Choose Between Financial Stability and Wealth</a></h2><div class="dyn-card__excerpt">Households need tools that help them afford everyday life and build long-term security. Too often, policy systems fail to respond to both of these needs and instead prioritize one goal over the other.</div><ul class="dyn-card__meta dyn-card__people"><li class="dyn-card__person"><a href="https://www.aspeninstitute.org/people/tim-shaw/">Tim Shaw</a></li></ul> </div> </div> </div> </div> </div> <p>The post <a href="https://www.aspeninstitute.org/publications/black-wealth-loss/">Billions at Risk: What Drives Wealth Loss for Black Families</a> appeared first on <a href="https://www.aspeninstitute.org">Aspen Institute</a>.</p>