Photo by Kenzie
Koreans and Vietnamese in Los Angeles rank far behind Chinese, Japanese, and Asian Indians in wealth, found a study by UCLA.
Blacks and Mexicans also lagged and Whites joined the other Asian groups among the most wealthy.
The study found Koreans hold 7 cents and Vietnamese possess 17 cents for every dollar of wealth owned by comparable Ehite families.
“The socioeconomic status of immigrants prior to entering the U.S. plays an important role in influencing the wealth position of particular groups,” said Melany De La Cruz-Viesca of the Asian American Studies Center at UCLA. “This report not only reveals a nuanced story of racial wealth differences in L.A., perhaps more importantly, it also explores the local nature of asset markets and what factors influence the wealth status of communities of color.”
MEDIAN NET WORTH
Japanese $592,000
Asian Indian $460.000
Chinese $408,200
Filipino $243,000
Africa (country origin) $72,000
Vietnamese $61,500
Latinos $42,500
Koreans $23,400
The Color of Wealth is the first report to take into account data on assets and debts of different races and country of origin.
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