The Great Recession with soaring unemployment and plunging home and stock values hurt African-Americans and Hispanics far more than whites.
Hispanic household median wealth fell 66 percent and black wealth fell 53 percent from 2005 to 2009.
It may take a generation for minorities to recover from the losses, said the Rev. DeForest "Buster" Soaries Jr., senior pastor of First Baptist Church of Lincoln Gardens in Somerset, N.J. He was among the speakers on a "Building Wealth in Tough Times" panel at this month's National Association of Black Journalists convention in Philadelphia.