evidence: Fact check: Biden claims the racial wealth gap reached a 20-year low "We’re growing back Black wealth, but we have a lot more to do," he said Jan. 8 in Charleston at Mother Emanuel AME Church, the South’s oldest Black church. "The racial wealth gap is the smallest it’s been in 20 years, under my watch. More Black small businesses are starting up than in decades. Opening a new business (is) the ultimate act of hope." [...] Another way the Federal Reserve measures the racial wealth gap is the absolute-dollar value difference in wealth between white and nonwhite families. By that measure, the racial wealth gap widened in 2022. [...] In South Carolina, Biden took credit for the narrowing racial wealth ratio, saying it happened "under my watch."