Excerpt: “… Black households were shown as a mere 1.4 percent of the top one percent by income, that’s only 16,800 homes. In addition, their median net asset worth was just $1.2 million dollars. Using this data as an indicator only about 8,400 of the over 14 million African American households have more than $1.2 million dollars in net assets…..
If you’re White and have a net worth of about $356,000 dollars, that’s good enough to put you in the 72nd percentile of White families. If you’re Black, it’s good enough to catapult you into the 95th percentile.” This means 28 percent of the total 83 million White homes, or over 23 million White households, have more than $356,000 dollars in net assets. While only 700,000 of the 14 million Black homes have more than $356,000 dollars in total net worth….
According to the Slate.com article “The Wealth Gap Between Blacks and Whites is Even More Enormous Than You Think”, the median white family has a net worth of $116,000 dollars. This indicates 41 million White households across the nation have over $116,000 dollars in net worth. In comparison, nearly 40 percent or 5.6 million African American homes in the U.S. have zero or negative net worth. In addition, when you deduct the family car as an asset, the median Black family in America only has a net worth of $1,700 dollars.
This tells a story of access and opportunity and the lasting effect of a history ripe with dissemination of advantage based on color. If nearly all of the American wealth is in White households, how do we ever expect to achieve access for all?
Read entire article at Huffington Post:
https://www.huffingtonpost.com/antonio-moore/americas-financial-divide_b_7013330.html
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