New Data Shows Wealth Gap Driving Health Disparities in NYC

There are significant inequities in wealth and health outcomes across the 11 most common racial and ethnic groups in New York City, with Black and Latino New Yorkers reporting less wealth have worse health outcomes compared to others, according to a new survey. 

“Racial and Ethnic Inequities in Wealth and Health: Evidence from a Multiethnic Survey in NYC,” which surveyed nearly 3,000 New York City adults, underscores the strong link between wealth and health, highlighting persistent racial and ethnic inequities in both areas, health officials said.

Conducted in June 2024 by the New York City Department of Health and Mental Hygiene, in partnership with the CUNY Graduate School of Public Health and Health Policy and the Samuel DuBois Cook Center on Social Equity at Duke University, the report examines how wealth, defined as assets minus debt, shapes health outcomes across 11 of the city’s most common racial and ethnic groups.

“New York City is one of the wealthiest cities in the world, yet to this day, it has deep economic and racial inequities," said NYC Health Department Acting Commissioner and Chief Medical Officer and Assistant Professor at Harvard Medical School Dr. Michelle Morse. "As our new study shows, wealth and health are deeply linked — wealth shapes health."

Researchers argue that measuring wealth, rather than income alone, offers a clearer picture of long-term economic stability and its health consequences.

Key Findings in Wealth

The study identified wide racial and ethnic inequities in wealth. Chinese respondents had the highest median net worth at $320,000, followed by white respondents at $142,000. Puerto Rican respondents reported a median net worth of $160, while respondents with Black ancestry (excluding African American, Caribbean or West Indian) reported $25. For most Black and Latino groups, the bottom quartile of net worth was zero or negative, meaning at least 25% of respondents had no wealth or their debts equaled or exceeded their assets.

White and Chinese respondents were also more likely to own valuable assets like homes, retirement accounts, and stocks. For example, 49.6% of Chinese respondents owned homes compared to just 22.1% of African American respondents, 12.5% of Dominicans, and 8.7% of Native American groups. Liquid assets, including savings accounts, were also much higher for white and Chinese groups, with median values of $125,000 and $90,100, respectively, compared to $6,000, $4,000, and $2,300 for Dominican, Black, Puerto Rican groups. white and Chinese respondents had higher levels of secured debt, such as a mortgage, which is often tied to wealth-building assets like homes.

On the other hand, Black and Latino groups had higher levels of unsecured debt, such as credit card or medical debt, which can be financially burdensome without contributing to wealth accumulation.

Key Findings in Health

Wealth plays a critical role in health, acting as a buoy during emergencies and enabling access to better living conditions and healthcare, the survey found. Higher wealth also allows people to avoid financial stress and debt during emergencies and invest in health-promoting behaviors such as eating nutritious food, and regular exercise, officials said.

People with the most wealth were more likely to report excellent or very good health (59%), compared to those in the lowest quartile (36%). Similarly, psychological distress decreased as wealth increased, with 86% of the wealthiest respondents reporting low or no distress compared to 70% in the lowest quartile.

However, increased wealth does not solve racial health inequities, the survey found. Even within the same wealth quartiles, Black and Latino respondents reported worse health outcomes than white respondents. For example, 59% of white respondents reported excellent or very good health, compared to only 40% of African Americans. African Americans also had the highest prevalence of chronic diseases such as diabetes, hypertension, asthma, at 60 percent, compared to 34% among multiracial respondents.

This also shows how the relationship between wealth and health is stronger for some groups than others. For instance, Chinese respondents showed a dramatic improvement in health as wealth increased, with excellent or very good health rising from 13% in the lowest quartile to 52% in the highest. Black respondents, however, showed little improvement in health beyond the lowest wealth quartile, suggesting systemic barriers that limit the health benefits of wealth for this group.

Despite having similar wealth levels, racialized groups, particularly Black and Latino respondents, often experience fewer health benefits from increased wealth when compared to white respondents. Factors like residential segregation, discrimination in health care, and devaluation of assets in communities of color reduce the positive impacts on health that are generally associated with increased wealth for other groups.

The report highlights how historical policies such as redlining, discriminatory housing practices, and unequal access to education have contributed to the racial wealth gap. These systemic inequities have compounded over generations, leaving Black and Latino communities with fewer resources to build wealth and protect their health, officials said.