THE STAGGERING RACIAL WEALTH GAP IN NEW JERSEY

New Jersey has one of the highest racial wealth gaps in the country – a staggering $300,000 – which is almost twice that of the national racial wealth gap. The median household wealth of white families in New Jersey is $322,500, compared with just $17,700 and $26,100 for Black and Latina/o families. Families with wealth can invest in their futures and protect against setbacks, while those with limited wealth
face long-term insecurity. The racial wealth gap in our state, which is a modern-day manifestation of generations of structural racism embedded in our policies, must be combatted through proactive investments and policy reforms. In order for the vast opportunities and prosperity of the state to be shared by all, policymakers must make closing the racial wealth gap a priority.