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2 revisions | markusandemily at Apr 26, 2024 03:36 PM | |
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91The State of the Dream 2004: Enduring Disparities in Black and White Wealth, continued Average Household Net Worth • The Black-white gap in average household wealth is increasing. • White households had an average net worth of $468,200 in 2001, more than six times the $75,700 of Black households. This includes home equity. In 1989, average white wealth was five-and-a-half times Black wealth. [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. Wealth is defined as net worth, or assets minus debts, "what you own minus what you owe." For most American families, and especially Black families, equity in a home is the most significant kind of wealth. Generations of slavery, segregation, disinvestment and discrimination have left African Americans well behind in asset building. Since the mid-1970s, the top 1% of households, overwhelmingly white, have doubled their share of the nation's wealth. The fact that typical Black households had just $19,000 in wealth in 2001, after the longest economic boom in the history of the richest nation on earth, is a reflection of continued deep inequality. Assets are key to household stability and key to ending racial disparities. For example, sociologist Dalton Conley shows in his book Being Black, Living in the Red that between Black and white at any given level of wealth there are no differences in educational achievements. --------------------------------------------------------------------------------- United for a Fair Economy • Racial Wealth Divide Project 9 | 91The State of the Dream 2004: Enduring Disparities in Black and White Wealth, continued Average Household Net Worth • The Black-white gap in average household wealth is increasing. • White households had an average net worth of $468,200 in 2001, more than six times the $75,700 of Black households. This includes home equity. In 1989, average white wealth was five-and-a-half times Black wealth. [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. Wealth is defined as net worth, or assets minus debts, "what you own minus what you owe." For most American families, and especially Black families, equity in a home is the most significant kind of wealth. Generations of slavery, segregation, disinvestment and discrimination have left African Americans well behind in asset building. Since the mid-1970s, the top 1% of households, overwhelmingly white, have doubled their share of the nation's wealth. The fact that typical Black households had just $19,000 in wealth in 2001, after the longest economic boom in the history of the richest nation on earth, is a reflection of continued deep inequality. Assets are key to household stability and key to ending racial disparities. For example, sociologist Dalton Conley shows in his book Being Black, Living in the Red that between Black and white at any given level of wealth there are no differences in educational achievements. --------------------------------------------------------------------------------- United for a Fair Economy • Racial Wealth Divide Project 9 |