Ethnic diversity in economic wellbeing: the combined significance of income, wealth and assets levels.

This paper uses data gathered from the Family Resources Survey to examine ethnic differences in economic wellbeing in Britain. It argues that, although a focus on ethnic variation in income levels is useful, a more comprehensive picture of ethnic economic diversity can be obtained by also taking into account general levels of wealth and assets. This is particularly important in order to obtain a better understanding of how ethnic economic advantages and disadvantages build up over the life-course. It also encourages more attention to be paid to how wealth is accumulated and transferred within families and between generations. The research findings show a complex picture of ethnic economic diversity with some ethnic groups (White, Chinese and Indian) over-represented in the doubly advantaged, asset-rich and income-rich category and a larger number of groups (Black-African, Black-Other, Pakistani and Bangladeshi) who were doubly disadvantaged (being both asset- and income-poor). The paper concludes that the short-term economic position of families in both groups has longer-term consequences in terms of the potential for ethnic economic divisions to intensify. [ABSTRACT FROM AUTHOR]