Florida has one of the smallest racial wealth gaps in the U.S.: Report

The state of Florida has one of the smallest wealth gaps by race and ethnicity, according to a WalletHub report that measured the financial inequality among racial groups across the country. 

But the numbers aren’t looking so good for some states in the Midwest and one major U.S. city. 

Here, we break down how WalletHub calculated the wealth gap and where Florida stands compared to the rest of the country.

Florida's wealth gap statistics

The Sunshine State's wealth gap is the third-smallest in the country, the WalletHub survey details, which means the median household income gap and homeownership rate gap are relatively low.

In Florida, white people earn 29.04 percent more than the most disadvantaged group in that category, which is Black people. Black people are also 34.69 percent less likely than white people to own a home.

Where Florida's gap is higher is in the poverty rate gap category. Black Florida residents have a poverty rate that's nearly 87 percent higher than it is for white people.

Where is the wealth gap by race and ethnicity smallest?

If Florida's third, where does everyone else rank?

The lowest wealth gap by race and ethnicity in the country can be found in West Virginia, followed by Alaska.

In West Virginia, white people earn 31.92 percent more than the most disadvantaged group in that category, which is Black people. Black people are also 41.29 percent less likely than white people to own a home.

Those figures alone are worse than Florida's. But West Virginia does better when it comes to the poverty rate; Black West Virginians have a poverty rate that's 72.05 percent higher than it is for white people.

And if you're wondering how WalletHub determined the most disadvantaged group in each category, see the full report here.

Where is the wealth gap by race and ethnicity highest?

The place with the highest wealth gap in the country is none other than the nation's capital.

"The District of Columbia has the highest wealth gap in the country, which means, the seat of our nation’s government is also the most financially unequal place to live. In D.C., white people earn 64.5% more than Black people, the most disadvantaged group," the survey states.

It also ranks first when it comes to the gap in the poverty rate.

"Black D.C. residents have a poverty rate that’s nearly 327% higher than it is for white people. This is likely due to the big gaps that also exist in educational attainment and employment," WalletHub adds. "There is still some good news from the District of Columbia, though. Despite its problems, it does have the lowest gap in homeownership in the country. But if other conditions in the state continue to be extremely inequitable, this divide may get worse, too."

Wisconsin, Nebraska, Iowa and Minnesota round out the top five for highest wealth gap by race and ethnicity.