Morning Star, May 16, 2024, During AAPI Month, Financial Advice For A Poorly Understood Group
Income inequality is still increasing most rapidly among Asian American groups, compared to other demographics. Wealth gaps between the poorest Asian Americans and the wealthiest Asian Americans are still wider than gaps within any other racial group in the US. Vox has an interesting graphic explanation. I’m quoting from the National Community Reinvestment Coalition here: “In 2021, Asian Americans on average had a household size of 3.4, compared to the national average of 3.0. This larger average household size, coupled with the disproportionate concentration of Asian Americans in metropolitan areas where the cost of living is high, are important factors to understanding Asian American income more richly than the raw top-line statistics.”
