The U.S. economy has generated immense wealth over the last half century, but not all Americans have been invited to the party.

The racial and ethnic wealth gap has evolved differently for families at different income levels, according to a Pew Research Center analysis of data from the Federal Reserve Board’s Survey of Consumer Finances released Wednesday. “Among lower-income families, the gap between white households and their black and Hispanic counterparts shrank by about half from 2007 to 2016. But among middle-class families, it increased and shows no sign of retreating,” it said.

Here are three takeaways:

• Wealth gaps between upper-income families, lower- and middle-income families are at the highest levels recorded

• Last year, the median wealth of white households was 10 times the wealth of black households and eight times that of Hispanic households

• The racial and ethnic wealth gap has evolved differently for families at different income levels

The Great Recession triggered a sharp, prolonged decline in the wealth of American families and, despite the recovery in the housing market and stock market over the last decade, U.S. household wealth has not fully recovered, the research concluded. In 2016, the median wealth of all U.S. households was $97,300, up 16% from 2013 but well below median wealth before the recession began in late 2007 ($139,700 in 2016 dollars), Pew found.

White Americans, meanwhile, have overwhelmingly benefited from the rise in incomes, according to a separate report released last month by the Urban Institute, a nonprofit policy group based in Washington, D.C., while most other groups have been left behind. Looking at private income, such as earnings and dividends, and government benefits like Social Security, the income of families near the top increased roughly 90% from 1963 to 2016, while the income of families at the bottom rose less than 10%.

Here are three more takeaways:

• The richest households now have 12 times the wealth of families in the middle of the income spectrum versus 6 times the wealth in 1963

• Those in the middle more than doubled their wealth over the same period while families wealthier than 90% of all households saw their wealth increase fivefold

• At the same time, the poorest 10% families in America went from having no wealth in 1963 to being $1,000 in debt in 2016

Families of color will soon make up a majority of the U.S. population, but most continue to fall behind Caucasians in building wealth, which includes things like savings, stocks and real estate. In 1963, the average wealth of white families was $121,000 higher than the average wealth of families of color. Last year, the average wealth of white families ($919,000) was over $700,000 higher than the average wealth of black families ($140,000) and of Hispanic families ($192,000).

“People with lower earnings may have a harder time saving,” the report concludes. The average white male earns $2.7 million over a lifetime, while the average black male earns $1.8 million and the average Hispanic male earns $2 million. The difference in lifetime earnings is lower for women. “These disparities partly reflect historical disadvantages that continue to affect later generations,” the report found.

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African-American workers are also less likely to participate in employer retirement plans than white workers (40% versus 47%), and have much lower average liquid retirement savings. “This suggests that simply having more employers offer retirement plans will not be enough to close the gap,” it added, “especially if lower-income groups contribute smaller portions of their income to retirement plans and are more likely to withdraw money early to cover financial emergencies.”

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Another reason for the wealth gap between families of color and white households: African-American homeownership rates are lower today than four decades ago and now lag behind Hispanic homeownership rates. In 2016, 42% of black families owned their own home, actually less than the 44% in 1976. Meanwhile, Hispanic homeownership rates rose to 46% from 43% over the same period. The white homeownership rate in 2016 was 68% — the same as in 1976.

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Since the mid-2000s, African-American families have, on average, carried more student-loan debt than Caucasian families. Nearly half of Hispanic students and 60% of black students need a lot of financial help to afford college and that need often isn’t met, MarketWatch reported last year. In 2016, 42% of families headed by black adults ages 25 to 55 had student loan debt, compared with 34% of similar white families.

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“Federal policies fail to promote asset building by lower-income families,” the report concluded. “It spends over $400 billion to support asset development, but those subsidies primarily benefited higher-income families.” About two-thirds of homeownership tax subsidies and retirement subsidies go to the top 20% of taxpayers, as measured by income. The bottom 20% however, receives less than 1% of these subsidies.

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