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New Report shows Barely Any African American families are Millionaires, While there are Millions of White Ones

*Attorney Antonio Moore and economist Matt Bruenig released a shocking breakdown of the 2016 Federal Reserve data released last week.

In a piece on People’s Policy Project the two showed that the reports stating that minority wealth is up have largely overstated the state of accounts.

In fact, when we use a true accounting method that excludes large durables, the median white family is worth 33 times as much as the median black family,

When we exclude the family car, we get a somewhat different wealth narrative than the one being told across media platforms nationally. Without the family car, the middle black family has a net worth of $4,160. The middle white American family in contrast is still worth $140,600. This means, using an accounting model that more accurately excludes the family car, the median white family is worth over 33 times that of the median black family.

In addition, they also showed data that contextualizes race and wealth in America by exposing the raw number of millionaires by race.

The 99th percentile black family is worth a mere $1,574,000 while the 99th percentile white family is worth over 12 million dollars. This means over 870,000 white families have a net worth above 12 million dollars, while, out of the 20 million black families in America, fewer than 380,000 are even worth a single million dollars. By comparison, over 13 million of the total 85 million white families are millionaires or better

Lastly the two showed that within race wealth disparities are at levels that make the astronomical numbers in general America actually seem small.

The data shows that the top 20% of black families control 95% of the little American black wealth that does exist. The interesting angle is to look at the wealth disparity within race without the family car. Without the family car the 99th percentile white family is worth $12 million. This means they are worth just fewer than 86 times as much as the median white family using the same accounting. But the telling narrative is to look at the intra-race black wealth disparity. Without the family car the 99th percentile black family is worth $1,574,000. This would make them worth 378 times as much as the median black family using the same accounting.

Read the full piece here, and join the dialogue by tuning in to hear Economist Matt Bruenig and Antonio Moore discuss their finding on Dash Radio – Dash Talk  10/6/17 on the Tonetalks show at 7pm pacific, or subscribe on Youtube to Tonetalks

 



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