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Wednesday 30 November 2022
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Report: It Would Take 228 Years for Blacks and Whites to Close the Wealth Gap

MR national Vision possible cover Report Back white wealth -moneyAccording to a report released earlier this month by the Corporation for Economic Development and the Institute for Policy Studies, if current trends persist, it will take a whole 228 years to close the wealth gap between black and white families. For Latino families to accumulate the same amount of wealth as whites, it will take 84 years.

“We’re seeing wealth concentrating in fewer and fewer hands and those hands are overwhelmingly white,” said Josh Hoxie, leader of the project on opportunity and taxation at the Institute for Policy Studies.

The report shows that over the past three decades, the average household wealth of white families has increased 85% to $656,000. The average wealth of black families has only climbed 27% to $85,000 and Latinos 69% to $98,000.

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