On average, the self-employed are wealthier than the non-self employed and are significantly wealthier than workers and retirees. According to 2019 data from the Federal Reserve, business ownership is an important source of family wealth, representing 34% of non-financial assets. Business equity as a share of nonfinancial assets differs for demographic groups. For White (non-Hispanic) families, business equity makes up about one out of every three dollars of non-financial assets, whereas for Black (non-Hispanic) or Hispanic families, business equity makes up about one out of every eight dollars of nonfinancial assets. For more information, please read “Small Business Facts: The Importance of Business Ownership to Wealth.”
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