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TotalPopula*onbyRaceandEthnicity
2
1% 1% 2% 2% 3% 4%6%
15%
30%
35%
45%
1% 2% 2% 1%3% 4%
6%
14%
38%
32%
39%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Japanese AsianIndian
Vietnamese Korean Filipino Chinese Black Asian White Mexican La*no
LAMSA CASource:U.S.CensusBureau,ACS,2014,One–YearEs*mates,LosAngelesCounty
FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
Korean– RateofHomeownership,2015,LosAngelesCounty
3
68.3% 67.5%63.7%
56.7%53.0% 51.3%
44.9%42.9% 41.5% 40.4%40.2%
0%
10%
20%
30%
40%
50%
60%
70%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HavingMortgageDebtAmongAllHouseholdsKorean–2ndLOWEST
4
49.9%
46.2%
41.3% 40.3%37.4% 36.2%
34.6%32.7% 32.5%
26.0%24.2%
0%
10%
20%
30%
40%
50%
60%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
ValueofTotalAssetsHeldbyHouseholdsKorean-2ndLOWEST
5
595,000
460,000
408,500
355,000
243,000
152,000
43,000 40,000 30,000 28,4005,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
TotalAssets
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
ValueofLiquidAssetsHeldbyHouseholdsKorean–OneofLOWEST
6
245,000
140,000130,000
110,000
80,000
60,000
3,000500 200 7 00
50,000
100,000
150,000
200,000
250,000
LiquidAssets
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdMedianNetWorthKorean–Oneof3LOWESTCommuni*es
7
592,000
460,000
408,200
355,000
243,000
72,000 61,50042,500 23,400
4,000 3,5000.00
100,000.00
200,000.00
300,000.00
400,000.00
500,000.00
600,000.00
700,000.00
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
Korean–HIGHESTRateofBusinessOwnership
8
19.6%
15.1%
11.7% 10.8% 10.5%8.4%
6.0%4.2% 3.5% 3.1% 2.4%
0%
5%
10%
15%
20%
25%
30%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningaSavingsAccountKoreanComparabletoOtherBlack&LaHnoCommunity
9
96.4%
81.6% 80.3%76.9%
74.6%71.9%
57.8%55.5%
44.0%39.8%
37.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Japanese Chinese AfricanBlack
AsianIndian Filipino White Korean U.S.Black OtherLa*no Mexican Vietnamese
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningStocks,MutualFunds,andInvestmentsTrustsKoreanComparabletoBlack&LaHnos
10
60.8%58.6%
48.8%
41.9% 40.7%
23.6%21.5%
18.0%
9.9%7.6% 7.3%
0%
10%
20%
30%
40%
50%
60%
70%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
Koreans–OneofTheLOWESTRateofIRA/PrivateAnnuityOwnership
11
63.6% 62.3%
55.6%
48.5% 48.3%
38.6% 37.9%
27.0%
17.7%15.0%
8.2%
0%
10%
20%
30%
40%
50%
60%
70%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
SelfEmployed–HouseholdsKorean–OneofTheHIGHEST
12
13.8% 13.8% 13.5%13.2%11.3%
9.4%
6.6% 6.6% 6.1% 5.9% 5.6%
0%
5%
10%
15%
20%
25%
30%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
PublicSector–HouseholdsKorean–OneofTheLOWEST
13
21.4%
11.2% 10.3% 9.5%7.3% 7.0% 7.0%
5.3%4.2%
1.1%0.0%
0%
5%
10%
15%
20%
25%
30%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
PrivateSector–Households
14
35.4% 35.0%
27.1%
22.7%
18.9% 18.1%16.3%
14.3%
10.6%7.9%
6.6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingMortgageDebtAmongHomeowners
15
88.1%
80.5% 78.4% 77.1% 76.3%
68.2% 67.7% 64.6%59.8% 59.7% 58.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankOfSanFrancisco,ThecolorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingAutoDebtAmongHouseholdsThatOwnVehicles
16
48.5%
35.6% 34.0%28.3% 25.1%
21.8% 21.3% 20.0% 17.6%12.0% 11.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
TotalMedianNon-HousingDebtforHouseholds
17
15,000
7,000
5,000
800 400 200 8 0 0 0 00
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningLiquidAsset
18
95.0% 93.3% 91.6% 90.2% 88.8% 87.0% 58%
70.2%
62.3% 61.3%
53.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AsianIndian Japanese White Chinese Korean AfricanBlack
Filipino Vietnamese U.S.Black OtherLa*no Mexican
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningaCheckingAccount
19
93.3%90.1%
86.2% 85.3% 83.7% 81.3% 80.3%
68.1%
54.8% 54.6%
47.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Japanese White AsianIndian Chinese Filipino Korean AfricanBlack
U.S.Black VietnameseOtherLa*no Mexican
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsThatOwnaVehicle
20
99.9% 99.9% 99.6% 97.4% 93.9% 91.3% 89.6% 87.9% 87.4%83.0%
72.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingAutoDebtAmongAllHouseholds
21
48.5%
29.5% 28.3% 25.6% 22.1% 20.3% 18.3% 18.2% 17.1%11.9% 9.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingAutoDebtAmongHouseholdsThatOwnVehicles
22
48.5%
35.6% 34.0%28.3% 25.1%
21.8% 21.3% 20.0% 17.6%12.0% 11.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,
AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingMortgageDebt
23FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
ValueofAssetsHeldbyHouseholds
24
LiquidAssets
TotalAssets
MedianValue MedianValueWhite 110,000 355,000
U.S.Black 200 30,000
AfricanBlack 60,000 152,000
Mexican 0 5,000
OtherLa*no 7 43,000
Chinese 130,000 408,500
Japanese 140,000 595,000
Korean 3,000 28,400 Vietnamese 500 40,000
Filipino 80,000 243,000
AsianIndian 245,000 460,000
Source: NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level.
FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningAnyTypeofLiquidAsset,aCheckingAccount,oraSavingsAccount
25
LiquidAssets
CheckingAccount
SavingAccount
Percent Percent PercentWhite 91.6 90.1 71.9
U.S.Black 62.3 68.1 55.5
AfricanBlack 87.0 80.3 80.3
Mexican 53.8 47.1 39.8
OtherLa*no 61.3 54.6 44.0
Chinese 90.2 85.3 81.6
Japanese 93.3 93.3 96.4
Korean 88.8 81.3 57.8 Vietnamese 70.2 54.8 37.4
Filipino 85.6 83.7 74.6
AsianIndian 95.0 86.2 76.9
Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyNote:Thedifferenceinthepercentageofnonwhitesascomparedwiththepercentageofwhitehouseholdsissta*s*callysignificantatthe***99%,**95%,*90%level.ThepercentageofJapanesehouseholdsholdingliquidassetscomparedwithothernonwhitehouseholdsissta*s*callysignificantforsavingsaccountsatthe95%level.
FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsOwningStocks,anIndividualRe*rementAccount,orPrivateAnnuity
26
Stocks
IRAorPrivateAnnuity
Percent Percent
White 40.7 63.6
U.S.Black 21.5 37.9
AfricanBlack 18.0 48.5
Mexican 7.6 15.0
OtherLa*no 7.3 8.2
Chinese 48.8 48.3
Japanese 60.8 62.3
Korean 23.6 27.0 Vietnamese 9.9 17.7
Filipino 41.9 55.6
AsianIndian 58.6 38.6
Source : NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level
FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
HouseholdsHavingAutoDebt
27FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment
Households’Occupa*onType
28
Self-Employed
PublicSector
PrivateSector
Percentageof
households
Percentageof
households
Percentageof
HouseholdsWhite 5.9 7.0 14.3
U.S.Black 6.6 11.2 6.6
AfricanBlack 6.1 0.0 7.9
Mexican 6.6 9.5 10.6
OtherLa*no 13.8 5.3 18.1
Chinese 13.8 4.2 16.3
Japanese 13.5 7.0 27.1
Korean 13.2 7.3 18.9 Vietnamese 5.6 10.3 35.4
Filipino 11.3 21.4 22.7
AsianIndian 9.4 1.1 35.0
Source: NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level. The public sector includes non-profits.
FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment