Components of family wealth, such as stocks, bonds, money in the bank, and real estate, produce interest, dividends, or rental income which are commonly used to offset or pay college costs. Wealth also includes the value of a family’s home. This important asset can be sold or borrowed against to provide funds for college expenses.
In measurements of wealth, African Americans are at a major disadvantage. Typically, over the past generation White families have had wealth that was 10 times that of Black families.
Now a new report from the Institute for Policy Studies presents some dramatic new statistics on the racial wealth gap. According to this new study:
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The top 100 on the Forbes 400 list now own about as much wealth as the nation’s entire African American population.
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As of October 2015, the homeownership rate for White Americans stands at 71.9 percent. By contrast, only 42.4 percent of African Americans own their homes.
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Typical White households in the United States now hold $141,900 in net worth. The African American household median: $11,000.
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Our wealthiest 400 now have more wealth combined than the bottom 61 percent of the U.S. population, an estimated 70 million households, or 194 million people.
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African Americans overall make up 13.2 percent of the U.S. population, but have only 2.5 percent of the nation’s total wealth.
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The wealthiest 20 individuals in the United States today hold more wealth than the bottom half of the U.S. population combined.
The report, Billionaire Bonanza: The Forbes 400 and the Rest of Us, may be downloaded by clicking here.
WHY is this surprising…??? who is “startled” by this? this is a DEEPLY RACIST country!
ok, so what’s the plan of action…don’t say pray, beg, demonstrate, protest, march, rally, organize,…but because we know it means nothing and the next generation of AA will get even more negative stats.
for those who are interested in a serious REAL solution, let’s talk.