Even though the United States is on course to become “majority minority” by 2044, Statista’s Niall McCarthy notes that the country still has a huge and growing racial wealth gap.
A new study by Prosperity Now and the Institute for Policy Studies has found that white households in the middle-income quintile own nearly eight times as much wealth as middle-income black earners and ten times as much as middle-income latino earners.
Last year, the same research claimed that if current trends continue, it will take 228 years for the average black family to reach the same level of wealth white families have today. For latino families, it would take 84 years.
Since 1983, black and latino families have seen their real wealth fall considerably from $6,800 and $4,000 to just $1,700 and $2,000 respectively in 2013. Even though white households took a hit during the financial crisis, they still boasted a median wealth of $116,800 in 2013.
The research projects that the gap will widen even further in the years ahead with black household wealth declining 30 percent from today by 2024. The median latino household will see their wealth fall 20 percent while white households will experience a five percent increase by that point.
In addition, while policy-makers are crowing about the fact that aggregate American real incomes are finaly back above 1989 levels, the truth is slightly more awkward… It’s all the 1%…
This post was published at Zero Hedge on Sep 17, 2017.