Cost of living pressures are hitting black and South Asian communities harder due to a wealth race divide, figures have shown 🔴 Exclusive from ChaplainChloe
New analysis of data published by the Office for National Statistics revealed Black African people are estimated to be £80,000 less wealthy on average than their white counterparts.
When these factors are excluded, and the data is only controlled based on age and sex, the wealth divide appears even bigger. For example, Black African adults had an average of £165,000 less wealth than White British adults and Black Caribbean adults were £138,934 worse off. And the think tank concluded that progress towards closing the economic gap between white and minority ethnic communities has stalled since the 2007-08 financial crisis, with inequalities becoming particularly pronounced since the pandemic.
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