Black Families Will Catch Up with White Families' Current Wealth in Just 228 Years

Black families will need 228 years at their current wealth accusation rates to build the wealth of white families today and the wealth gap is increasing according to a report by the Institute for Policy Studies.
 

The report, "The Ever Growing Gap - Without Change African-American and Latino Families Won't Match White Wealth For Centuries" speaks to the past, future, and present of the wealth gap for black people. From the report:

• "Over the past 30  years the average wealth of white families has grown by 84%—1.2 times the rate of growth for the Latino population and three times the rate of growth for the black population. If that continues, the next three decades would see the average wealth of white households increase by over $18,000 per year, while Latino and Black households would see their respective wealth increase by only $2,250 and $750 per year."

 

•  "By 2043—the year in which it is projected that people of color will make up a majority of the U.S. population— the wealth divide between white families and Latino and black families will have doubled, on average, from about $500,000 in 2013 to over $1 million."

•   "Today, the wealthiest 100 members of the Forbes list alone own about as much wealth as the entire African American population combined, while the wealthiest 186 members of the Forbes 400 own as much wealth as the entire Latino population combined." 

 

• "If average black family wealth continues to grow at the same pace it has over the past three decades, it would take black families 228 years to amass the same amount of wealth white families have today. That’s just 17 years shorter than the 245-year span of slavery in this country. For the average Latino family, it would take 84 years to amass the same amount of wealth White families have today—that’s the year 2097."

Come on America, let's start letting facts get in the way.