African-Americans are starting to close the wealth gap, in large part due to home ownership, according to analysis of Federal Reserve data by the Consumer Federation Association and "But there is more that can be done," said Stephen Brobeck, executive director of CFA.

Between 1998 and 2001, the median net wealth of African-American households rose from 9.1% to 22.1% compared to that of the average U.S. household. During that period, average net wealth in African-American households went from $5,919 to $19,010, a $13,091 or 221% increase. Meanwhile, wealth in the average American household went from $64,788 to $86,100, a $21,312 or 32.9% increase.

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