"Ellis Island" by Ludovic Bertron licensed under CC BY 2.0

Ellis Island” by Ludovic Bertron licensed under CC BY 2.0

 

Source: The Atlantic

A new study examined ‘wealth building patterns’ for immigrants of different races and discovered that wealth patterns for American-born people of color apply to immigrants of color similarly.

Over a century ago, white immigrant families were able to overcome language and education barriers to eventually “catch up” financially in the U.S. Today, that is still the case for white immigrant families – but not for immigrants of color.

The study conducted by sociologists at the University of Wyoming and Brown University examined Data from the New Immigrant Survey of 2013, with information on more than 8,000 permanent U.S. residents living in the country for less than 10 years. The study examined and compared net worth(s) between white, black, Asian and Hispanic families and found drastic differences in income, steered by race.

White immigrant families were more likely to have a net worth of over $90,000, followed by Asian immigrants, Latino immigrants, and black immigrants, with an approximate net worth of just $34,000. Even after eliminating factors of education, English proficiency, and length of time living in the U.S., the study found a $2,000 net worth gap still applied for immigrant families of color.

NB: The study does not account for the 11 million undocumented immigrants living in America.

Read full story at: The Atlantic

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Can Immigrant Families Overcome Financial Barriers Like Before?