I stumbled on a phrase, *Young Americans are far less white than older generation*, in an article of today's New York Times titled *In Census, Young Americans Increasingly Diverse*. 

I don’t think *white* refers to the color, of course. In a dictionary at hand, there is a definition of *white* as a slang meaning (1) *fair and righteous*, (2) *credible*, (3) *generous, well-intentioned*, (4) *happy, well-off*. 
Does the phrase *today’s young Americans are far less white* here implies they are far less well-off (or happy) than old generation? Is the word ‘White’ used in this notion very often? 
The text in question reads:

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> Demographers sifting through new population counts released on Thursday by the Census Bureau say the data bring a pattern into sharper focus: Young Americans are far less white than older generations, a shift that demographers say creates a culture gap with far-reaching political and social consequences. 
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