evidence: FACT CHECK: Is The Racial Wealth Gap The Lowest It’s Been In 20 Years? In a July 24 address from the Oval Office, President Joe Biden claimed the racial wealth gap is "the lowest it’s been in 20 years." [...] During his July 24 address, Biden claimed the racial wealth gap is "the lowest it’s been in 20 years." Investopedia defines the racial wealth gap as "the difference in assets owned by different racial or ethnic groups, this gap results from a range of economic factors that affect the overall economic well-being of these different groups. The term reflects disparities in access to opportunities, means of support, and resources."