Black Americansâ€™ Median Wealth Could Disappear in One Generation
There is a large wealth gap between white families and nonwhite families — a gap that impacts the economic stability of entire communities. According to 2016 Federal Reserve data , median wealth for white families is $171,000. Black and Latino families, meanwhile, have far less wealth: Black families have a median wealth of $17,600, while Latino families have $20,700.
It would take decades to centuries for Black families to achieve the same amount of wealth that white families have. According to a 2016 report from the Institute for Policy Studies , it would take Black families 228 years to reach the same amount of wealth that white families have today.
The racial wealth gap matters because wealth is an important economic resource and a form of power . Wealth builds and sustains communities. It helps communities weather economic hardships and supports future generations. Those with more wealth can use it to influence the political system, as evidenced by the control wealthy donors and large corporations have on US politics.
By Adam Hudson