The typical white family possessed eight times the wealth of Black families and five times the wealth of Hispanic families in 2019, the Fed said.

The Fed report noted, for example, that while average incomes for all families fell 3% from 2016 through 2019, excluding the richest 1%, average incomes rose 3.1%.

Median income for white families last year was $69,000, compared with $40,300 for Black families and $40,700 for Hispanics.

Poorer Americans and Black and Hispanic households did gain wealth from 2016 through 2019, mostly from an increase in home ownership and home values.

While encouraging, median wealth for white families in 2019 was still much higher, at $188,200, compared with $24,100 for Black families and $36,200 for Hispanics.

A separate Fed note released Monday found that 30% of white families report receiving an inheritance — three times the corresponding proportion of Black families and four times that of Hispanic families.