Table 3. OLS Regression Models of Total Net Worth (logged).
| Model 1. Base model | Model 2. Add education & income | Model 3. Add all controls | |
|---|---|---|---|
| Constant | 1.03*** | -0.22*** | -0.19*** |
| (0.03) | (0.04) | (0.05) | |
| Race/National Origin | |||
| Mainland Chinese | 2.34*** | 1.89*** | 1.50*** |
| (0.18) | (0.17) | (0.17) | |
| HK-Taiwan | 3.63*** | 2.89*** | 2.58*** |
| (0.23) | (0.22) | (0.22) | |
| Asian Indian | 3.04*** | 1.91*** | 1.48*** |
| (0.18) | (0.17) | (0.17) | |
| Other Asian | 1.95*** | 1.49*** | 1.14*** |
| (0.12) | (0.12) | (0.11) | |
| Native Asian | 1.29*** | 0.90*** | 0.67*** |
| (0.09) | (0.08) | (0.08) | |
| Mexican | 1.07*** | 1.52*** | 1.09*** |
| (0.11) | (0.11) | (0.11) | |
| Cuban | 1.30*** | 1.21*** | 0.96*** |
| (0.17) | (0.16) | (0.16) | |
| Other Latino | 1.22*** | 1.11*** | 0.87*** |
| (0.12) | (0.11) | (0.11) | |
| Native Latino | 0.59*** | 0.61*** | 0.37*** |
| (0.05) | (0.05) | (0.05) | |
| Native White | 1.81*** | 1.43*** | 1.18*** |
| (0.03) | (0.03) | (0.03) | |
| Other Immigrant | 2.05*** | 1.63*** | 1.36*** |
| (0.11) | (0.11) | (0.11) | |
| Missing Ethnicity | 0.45*** | 0.27*** | 0.15*** |
| (0.04) | (0.04) | (0.04) | |
| Tenure in US (years) | |||
| 0–10 | -1.25*** | -1.19*** | -1.21*** |
| (0.11) | (0.10) | (0.10) | |
| 11–24 | -0.70*** | -0.64*** | -0.63*** |
| (0.11) | (0.10) | (0.10) | |
| 25+ | -0.31** | -0.39*** | -0.29** |
| (0.10) | (0.10) | (0.09) | |
| Age (years) | |||
| 40–54 | 1.26*** | 1.16*** | 1.15*** |
| (0.02) | (0.02) | (0.02) | |
| 55+ | 1.91*** | 2.47*** | 2.46*** |
| (0.02) | (0.02) | (0.02) | |
| Education | |||
| HS Graduate | 0.72*** | 0.65*** | |
| (0.03) | (0.03) | ||
| Some College | 0.86*** | 0.80*** | |
| (0.03) | (0.03) | ||
| College | 1.25*** | 1.17*** | |
| (0.03) | (0.03) | ||
| Advanced Degree | 1.60*** | 1.56*** | |
| (0.04) | (0.04) | ||
| Income | |||
| Annual | 0.01*** | 0.01*** | |
| (0.00) | (0.00) | ||
| Family | |||
| Female Head | -0.20*** | ||
| (0.02) | |||
| Children | -0.01 | ||
| (0.01) | |||
| Married | 0.93*** | ||
| (0.02) | |||
| Year | |||
| year 1996 | -0.12*** | ||
| (0.02) | |||
| year 2001 | -0.07*** | ||
| (0.02) | |||
| Region | |||
| Midwest | 0.05 | ||
| (0.02) | |||
| Northeast | -0.03 | ||
| (0.03) | |||
| South | -0.05* | ||
| (0.02) | |||
| Other | -0.17 | ||
| (0.10) |
Notes: Data are from the Survey of Income and Program Participation (SIPP).
Standard errors in parentheses.
*p < .05.
** p < .01.
*** p < .001.
Reference national origin is native blacks, reference tenure is natives, reference education is less than high school, reference year is 2004, reference age is 25–39, reference region is west.