*Doing the math it appears Bill Gates is worth much more than bottom half of Black America. Without depreciating assets 7 million black families are worth less than $1,700, and many are negative.
That means using a generous accounting that leaves out depreciating assets, half of Black America all together is worth less than 12 billion dollars. Let’s be clearer that’s giving all 7 million families in Black America’s bottom half $1,700.
Bill Gates alone is worth nearly 8 times as much as this at 81 billion. There are also 35 total American billionaires that have fortunes that equals or surpassed the total wealth of half of Black America using this math.
To learn more watch the below animated video Black Wealth & White Wealth Explained in Less than 2 minutes. Why does White America own 90% of the national personal Wealth?
Despite the Census recently releasing data showing a valuation of around 9,000 for the median black family, the numbers are much more stark when using accounting that properly leaves out the family car, and couch. New York University Professor Edward Wolff, one of the foremost economists studying wealth inequality, looks at the same Federal Reserve data set in a report he published in the National Bureau of Economic Research (paywall).
Wolff points out that the Fed includes consumer durables in its net-worth estimates. Wolff excludes these consumer durables from his net-worth figures because these assets — everything from automobiles and televisions to furniture and household appliances — cannot be readily converted to cash and their resale value typically far understates their consumption value. According to Wolff’s calculations, the median black family is actually only worth $1,700 when you deduct these durables. In contrast, the median white family holds $116,800 of wealth using the same accounting methods.
In the above animated video Attorney Antonio Moore details the difference between Black and White wealth in the United States of America. Moore uses several key pieces of data to show the entire way we have come to think about race, wealth, and equal access is inaccurate. Subscribe at Tonetalks on Youtube.
A few pieces of the data shown:
- 1) The top few hundred white families are worth more than all of black America combined
- 2) There are over 8.5 million White households worth more than a million dollars, and only a few hundred thousand black households that cross the same threshold. Also the number of black families with a million dollars or more is shrinking.
- 3) The top 50% of White families control 88% of all the personal wealth in America
Watch the full video to get the full context. It is a simply put black and white lesson on the truth of American wealth.