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The Racial Wealth Gap Is About the Upper Classes

Bruenig, Matt
http://www.peoplespolicyproject.org/2020/06/29/the-racial-wealth-gap-is-about-the-upper-classes/

Publisher:  People's Policy Project
Date Written:  29/06/2020
Year Published:  2020  
Resource Type:  Article

On the racial wealth gap in the US and how it is driven by the upper classes.

Abstract:  -

Excerpt:

In light of the recent resurgence of Black Lives Matter protests, there has been renewed discussion of the racial wealth gap and how to close it (Nikole Hannah-Jones, Annie Lowrey). I have written on this topic many times in the past (I, II, III, IV). One thing I have tried to emphasize over the years, which i will do again here in a different way, is that due to the extremely concentrated wealth distribution in the US, the racial wealth gap is almost entirely about the upper classes in each racial group. I say this not to imply that it is unimportant but rather because this fact must be grappled with upfront if we are going to make serious effort to close the racial wealth gap.

If youtake the net worth of all white households and divide it by the number of white households, you get $900,600. If you do the same thing for black households, you get $140,000. The difference between these figures - $770,600 - is the best representation of the overall racial wealth gap. That is how much mre wealth black people would need per household to have as much as white people have per household.

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