*Attorney Antonio Moore makes a strong argument that the scale of American white wealth is not being understood as it reaches into the trillions.
Moore explains the issues of race and wealth using scale and time, relying on data from the Federal Reserve Survey of Consumer Finances.
Looking at how household wealth has exploded in the last few decades.
And how estate tax has been adjusted to lock in those advantages for white families Moore makes the case that we are beyond the point of return without drastic policy changes that change estate taxes and block dynastic trust.
While also creating robust liberal policies that support the middle class like the President Roosevelt New Deal policies did in the post depression era.
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Here’s more of Attorney Moore 2015 article on race and wealth.
According to the data, of the 14 million black households, only 5% have more than $350,000 in net worth, and less than 1% of black families have over a million in net assets.
In addition, according to Slate.com, when you deduct the family car as an asset, the median black family in America only has a net worth of $1,700 dollars.
Relying on data from Credit Suisse and Brandeis University’s Institute on Assets and Social Policy, the Harvard Business Review in the article “How America’s Wealthiest Black Families Invest Money” recently took the analysis above a step further.
In the piece the author stated “If you’re white and have a net worth of about $356,000 dollars, that’s good enough to put you in the 72nd percentile of white families. If you’re black, it’s good enough to catapult you into the 95th percentile.” This means 28 percent of the total 83 million white homes, or over 23 million white households, have more than $356,000 dollars in net assets. While only 700,000 of the 14 million black homes have more than $356,000 dollars in total net worth.
William Darity, Professor of Public Policy, African and African-American Studies and Economics at Duke University told the Duke Chronicle:
“The major sources of wealth for most of the super rich are inheritances and in life transfers. The big reason is racial differences in access to resources to transfer to the next generation.” Darity added that the practices of enslavement, violence, Jim Crow, discrimination and dispossession of property have kept generations of African Americans from accruing the type of wealth that whites in the top 1 percent have today.
The story of American wealth can be found in its history. The key is for all of us to become aware of that history’s impact and demand a change to create a better future for all black families, not just a few.
According to a Slate.com article “The Wealth Gap Between Blacks and Whites is Even More Enormous Than You Think”, the median white family has a net worth of $116,000 dollars.
This indicates 41 million white households across the nation have over $116,000 dollars in net worth. In comparison, nearly 40 percent or 5.6 million African American homes in the U.S. have zero or negative net worth.
MORE NEWS ON EURWEB.COM: Why Black Wealth Matters in White America … and What Blacks Must Learn to Survive This New eEconomy
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