Hispanic US Families Experienced Biggest Growth in Wealth Since 2013

The global financial crisis of the late 2000s destroyed livelihoods all around the world. From the US to Latin America to Europe and Asia, families tightened their belts and tried to adjust as many lost homes, businesses, and jobs.

The Hispanic and Latino population of the US was no exception, on average losing roughly 40% of its wealth between 2007 and 2013. This was a bigger drop than all but one other racial/ethnic group in the US—though of course there's plenty of overlap between black and Hispanic populations, particularly seen through the Afro-Latino (and some Caribbean) communities.

The hefty drop during this period is what makes the results following the crisis so impressive. Between 2013 and 2019, Hispanics represent the group with the largest growth in median wealth in the US, ahead of even relatively privileged socioeconomic groups such as white Americans. Even considering the roughly 40% drop to overcome to be level with 2007 figures, this still reflects a doubling of wealth in roughly a decade, meaning more money in the pockets of hardworking local and immigrant families.

While there remain a number of challenges to overcome in terms of growing wealth and ensuring long-term prosperity for families, particularly following the devastation of the pandemic, we're thrilled to see Hispanic-Americans succeeding after a crisis such as the one following 2007.

After all, people lost homes, cars, and jobs in the crisis, just as they later did when COVID-19 shut down the world. By growing both public social safety nets and protecting people's wealth, future crises can be less devastating for the most vulnerable among us.