The picture below tells the story.

https://www.stlouisfed.org/~/media/Blog/2021/April/BlogImage_IEEGenWealthPart2_Race_040121.png?la=en

During the financial crisis, all millennials struggled. The median white millennials in 2007 had 55% less net worth than older generation whites at the same age. By 2019, they pretty much recovered. They just lag behind by 5%.

But for median black millennials, they were 18% behind older generation blacks at the same age. And in 2019, they've gotten worse. In 2019, they lag behind older generation blacks by
52%.

What's going on here?

https://www.npr.org/sections/money/2021/04/27/990770599/there-is-growing-segregation-in-millennial-wealth

It gets even worse when you look at the trends. White millennial families made huge strides between 2016 and 2019, and they now lag previous generations of white families by only about 5%. Between 2007 and 2019, however, Black millennials fell further and further behind — not just compared with white millennials, but compared with previous generations of Black Americans. While white millennials trail the wealth of previous generations of white Americans by only 5%, Black millennials trail previous generations of Black Americans by 52%. The typical Black millennial has $5,700 less in net worth than counterparts in previous generations.

"That's incredibly shocking, because Black Americans have made great progress in terms of political representation and other measures — but it doesn't seem to be translating into wealth gains," Kent says.