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The wealth gap between American blacks and whites is actually greater today than in the 1980s
The wealth gap between American blacks and whites is greater today than it was in the 1980s.
Back in 1983, the median net worth of white households ($98,700) was about eight times that of black households ($12,200), according to a newly released Pew Research Center analysis of data from the Federal Reserve’s Survey of Consumer Finances.
The wealth gap narrowed in the 1990s and early 2000s, but started increasing again around the Great Recession.
And by 2013, the median net worth of white households ($144,200) was about 13 times that of black households ($11,200), according to the Pew analysis.
But that's not the worst part.
Perhaps the most disturbing statistic is that there was a huge wealth gap between whites and blacks even when controlling for education.
From Pew's report:
"While median net worth tends to increase as levels of educational attainment rise, the white-black gap is wealth persists even controlling for educational differences. For example, the median net worth of black households headed by someone with at least a bachelor’s degree was $26,300 in 2013, while for households headed by white college degree holders that net worth was $301,300 – 11 times that of blacks."
Check out Pew Research's full report on race and inequality here.
(Pew Research Center)
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