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The article "America's Financial Divide" added context to racial wealth inequality, stating: ... nearly 96.1 percent of the 1.2 million households in the top one percent by income were white, a total of about 1,150,000 households. In addition, these families were found to have a median net asset worth of $8.3 million.
The wealth gap between Caucasian and African American families substantially increased from $85,000 in 1984 to $236,500 in 2009. Many causes relate to racial inequality such as: Years of home ownership, household income, unemployment, education, lack of upward mobility, and inheritance. [1]
Thus, the racial wage gap is just one aspect of inequality in the United States. A criticism of the racial wage gap has been noted by a few scholars: the racial wage gap fails to account for the number of people of a specific race that are unemployed. [6] [21] Examining median incomes does not reflect the growing racial disparity in joblessness ...
For every $100 the average white family had in wealth, the average Black family had $15.75, per 2022 Federal Reserve data.
Credit - Getty Images. A white family in Atlanta, Georgia today has 46 times as much wealth as a Black family; a racial wealth gap that is exactly the same as it was nationally in 1863 when ...
Yahoo Finance's Brian Cheung joins Zack Guzman to break down a recent Federal Reserve survey examining the racial wealth gap in America.
We spoke to financial educators, counselors and estate-planning attorneys to learn how people of color can help close the wide racial wealth gap while preserving their assets for future ...
The root cause of the racial wealth gap is debated within the academic literature, with income inequality and differences in savings and homeownership rates being offered as potential causes. Even among quantitative studies, the percentage of the racial wealth gap attributed to any one of these causes varies widely. [2]