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2 revisions | markusandemily at Apr 26, 2024 01:44 AM | |
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90The State of the Dream 2004: Enduring Disparities in Black and White Wealth "They tell me that one tenth of one percent of the population controls more than forty percent of the wealth. Oh America, how often have you taken necessities from the masses to give luxuries to the classes ... You can work within the framework of democracy to bring about a better distribution of wealth." --Dr. Martin Luther King, Jr. Median Household Net Worth • In 2001, the typical Black household had a net worth of just $19,000 (including home equity), compared with $121,000 for whites. Blacks had 16% of the median wealth of whites, up from 5% in 1989. At this rate it will take until 2099 to reach parity in median wealth. • African-Americans were 13% of the population in 2001, but owned 3% of the assets.3 [image:] Graph with the following text: Source: Arthur B. Kennickell, "A Rolling Tide: Changes in the Distribution of Wealth in the U.S., 1989-2001," Levy Economics Institute, Nov. 2003. See Appendix for Years to Parity calculation. Note: 1989 is the first year for available methodologically consistent data. --------------------------------------------------------------------------------- 8 United for a Fair Economy • Racial Wealth Divide Project | 90 |