According to census data recently analyzed by the Pew Research Center, the median net worth of a white family now stands at 20 times that of a black family and 18 times that of a Hispanic family, roughly twice the gap that existed in 1984. The average wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for African Americans, here’s why according to Pew researcher Rakesh Kochhar:
“The bursting of the housing bubble in the great recession has been much harder on minority households than on white households. White households have been more diversified — they are more likely to own stocks and bonds.”
In other non-racial money news, between 2005 and 2009 the wealthiest 10% of households went from owning 49% to 56% of American wealth. Good times for them…
{ 21 comments… read them below or add one }
Capitalism mate! Equality is not one of its by-product.
White people in America have had a 400 year head start over most non-caucasian races in this country — coupled with the fact that they’re still the populace majority in the U.S., along with some of them being wealth recipients for generations. It becomes clear why there is such a huge disparity between the “haves” and the “have-nots”.
Meanwhile, racial equality has only become a factor in a relatively short amount of time, over the past few decades, since the Civil Rights Movement. Even though race relations have improved quite a bit over the past 40 years from what they were previously (thanks to changed laws, sports & pop culture/hip hop), we still have a very long way to go.
couldn’t have said it better myself…
I dont really think hiphop really improved race relations. More like the opposite. Hip hop culture makes it cool to act like a “Sambo”.. robbing, dealing, materialism, misogynism, acting like a stereotypical “nigger”. I think it is our culture that really holds us back. I live in Toronto, the most multicultural city in the world, and I see first generation Canadians from Africa, China, Vietnam etc. buying homes starting successful businesses getting their doctorates. While I see second, third fourth generation young black men following the Young Jeezy and Gucci Mane lifestyle ending up in jail, broke with 10 kids perpetuating this poverty cycle. Other races see this and then generalize all of us as “niggers”. Hiphop brought us back 40 years.
agreed!
i agree with you. hip hop culture is degenerate – most of it. but the same can be said about most popular culture.
the problem in native african american (and african canadian apparently) families is that they consume popular culture like it’s HOME CULTURE.
What you say has been noted by academics. in new york west indian immigrants and africans come and their children perform academically on a par with the asians statistically. it’s because west indian and african cultures are strongly pro-academics – so there is zero tolerance for anti-intellectualism. speaking in general for african americans in new york – there is less of an emphasis on performing well in school in their homes.
so culture is what it is – your home culture dictates who you are. for too many their home culture IS hip hop culture.
Let me BRIEFLY explain to you all why this (and other surveys of this type) are nothing more than superficially divisive, purposefully misleading piles of systemic hatred whose ultimate dream is the opposite Dr. King’s.
When is the last time you took a poll like this? who is being counted as “Black” and as “White”? Is it strictly based on the color of ones skin? I mean because I’m sure you know a “White” person with a “Black” parent or grandparent… so what percentage makes a “White” person “Black” or a “Black” person “White” according to the U.S. Census Bureau?
The truth of the matter is, there are WHITE African Americans and BLACK European Americans. There are “BLACK” Hispanics and “WHITE” Hispanics… So who exactly are they counting when they count simply a color? Is it based on what box you check on your job application? Do YOU even know with 100% accuracy whether your family is 100% pure ONE RACE? The bottom line is.. MOST of us are mixed to some degree… European, African, Hispanic, Native American etc… so why all the focus on “THE COLOR OF ONES SKIN AT THE TIME OF A SURVEY” and not the collective, intermingled genealogy of the spectrum of mankind as a whole? It’s always about BLACK or WHITE with these people… at least they had the common decency to add in “Hispanics” this time. Anyone talking this Black and White business with me is going to have to dig a little deeper than a guy with a clipboard standing in the middle of the projects counting all the people darker than Jasmine Guy and calling THAT a survey of Black poverty in America.
They WANT us to believe we are nothing more than the “color of the oppressed”, whether their mother was Black or their father was Native American etc… and they so happen to be pink/Icelandic/Norwegian/ Arian in appearance… or the “color of the oppressor”, when it really isn’t about “color” at all at this point, especially in America.
This is a build up… nothing more, nothing less…. a build up to take up arms against one another based on your pigment alone. It almost has to happen one day… because no matter how educated and sophisticated we become, we are never but a stones throw away from barbaric, archaic, ignorant skin pigment bigotry.
IMO.
I totally agree!! I always caution people to question these studies and the methodologies used to come up with these results.
I disagree. I think you are arguing the fringes of the issue (categorization of race) at the expense of the greater point which is that folks of color (mainly black folks) are continuing to lag in their accumulation of wealth.
If you take the dismissive perspectives like racism or flawed data gathering you miss the opportunity to focus on real issues such as access to quality early education, proper health care, and family planning.
These, and a number of other issues both drive the wealth out of black communities as welll as keep it from coming in. Personally, i would focus on education, and not just the the basics reading and writing but critical thinking and problem solving skills that teach people how to respond more responsibly to their situation and initiate strategic wealth building actions rather than only respond to immediate financial needs.
I have more but i’m at work…anyhow that’s my point.
I’m not dismissing the issue, its no secret that the divide in wealth is huge & growing…we really didn’t need them to remind us. I’m just encouraging people to question the data being thrown at us and to stop accepting everything lying down. Because low self esteem is a major issue in the black community and some of these studies do more harm than help. They add to the negative psychological outlook on life that has so many black people believing that they are worthless and hopeless.
good points. I’d add financial planning and estate planning to the things that are disproportionately missing from the black formative experience.
I wouldn’t necessarily agree that I’m arguing the “fringes” when the data alone is the primary supportive argument for the SEVERELY SUBJECTIVE assumption… meaning that if the data IS flawed, maybe the end result is AT THE VERY LEAST, SOMEWHAT flawed ya know…?
As well… I am not discounting by any means the needed improvements in the “Black American” community as you stated… I’m simply questioning the level and methodology of the comparative analysis by which these assertions are presumed.
Look, I know we have problems… but what does it have to do with the color of my skin? especially if I am Black and my mother is White? I mean, what are you pointing out with such a survey? That the DIRECT color of my skin, AT THE TIME OF YOUR ANALYSIS, regardless of whether or not my wife is White, and my grandfather is Yellow, means that I fit into a VAST category of anyone else who’s mere pigment is the same as mine, telling me that THIS is the reason I’m not making any money? Well, I question that.
Once again, not saying I (we) don’t ALL have issues that need addressing… just disagreeing with the senseless, racially motivated, subjective reasoning of THIS “study” is all…
call me crazy, but in America in 2011, you aren’t broke because you are “Black” or rich because you are “White”, race has little to do with it… and if you believe it does, well, we will simply have to agree to disagree for now… for the sake of me writing a freaking a book on here! lol
Okay, I agree with you about it not being about race, but only in principle. I do understand that the plight of poor white Americans is similar to the plight of poor Black Americans. But people here don’t seem to see it that way.
Many poor, and poorly educated White Americans, will vote wholeheartedly and espouse the concepts of the Tea Party or Rebublicans who clearly have mandates that are counter to their personal economic situation. I’m not White, so I can’t say what’s in their head but often times what I feel is them drawing that line in the sand between “us” and “them”.
And with that in mind I think the studies results should be used as a community motivator because we know there’s problems that need addressing. To me these stats add credence to that fact.
Understood. But I urge you to at least consider the possibility that all “media endorsed analysis” of your community DOES NOT have your communities best interest in mind.
While there will always be “problems that need addressing”, some misguided, recklessly carefree assumption that “you PEOPLE are physically, mentally and/or financially inferior because of your mere pigment in comparison with another crayola crayon in the box”, is not something I would accept laying down as the gospel to help motivate my people to do better.
There was a “study” not too long ago where some German “scientist” presented his “findings” that the “White European” brain was genetically larger than that of the “Black” brain… once again lumping everyone in the world of color, regardless of genealogy, into one boat simply because THEY (the powers that be) see it as BLACK vs. WHITE… nothing more, nothing less. Now, would you use this information as a reason to motivate your community stay in school longer so we can compete with the “big brains” of White ppl?
While we may need a little motivation in some aspects in our community, many outside attempts fall well short of doing the job, and in-turn do more to promote divisiveness, animosity and despair at the constant bombardment of negativity supposedly “plaguing” our ppl… when the reality is, WE ALL have the same problems, just pick a community, and I’ll show you one JUST LIKE IT, but merely colored with a different crayon.
Im black and my money is right.
i could care less actually
Ya Fakin’ Da Funk.
Estate Planning, Variable life Policy plans( who yield Cash Value, dividends, and that also present zero-interest bearing loans), Stocks, Money Market investments, etcetera. These are all money enhancing options that are not vastly and readily available to African Americans,
Because:
ready for this?
R.A.C.I.S.M, mind bending economic disparities, the credit stranglehold. purposefully crafted fucked up corporate policies, which have been designed to prevent color from penetrating the upper echelons of high paying capacities within most organizations.
That summation may appear disingenuous at some junctures, and if you dismiss the point then you’re either the perpetrator or ya have lived not long enough yet, give it time – you too will see.
Now everybody is a Politican all day… writing essays and using big words and shit…I’m sure that not too many of you intelligent people would sign a contract w/o reading it yet we all live here w/o knowing the contract we live under…. the land is already owned and claimed… if you don’t like it move to Antartica…. It legally the only place not owned by anything
Nice, I have more money than the average white family and I’m Dominican
Dominican? Yea, that’s nice… but for this survey, you’re just Black.
My point exactly.
The 173rd richest person in the world, Ralph Lauren, who was born as Ralph Lifshitz, was actually the son of Jewish immigrants from Belarus. He was born in Bronx, New York and was nurtured by his mother Fraydl and father Frank, who was a house painter.
The name Ralph Lauren was actually unintentional. Since Ralph was always teased with his real last name, he decided to change Lifshitz into Lauren when he was sixteen years old.
Ralph Lauren did not actually attend fashion school as he studied business at the Baruch School of Business and Civic Administration of the City College of New York. When he was still in high school, Ralph was also known for selling ties to other students.
He worked as a tie salesman at A. Rivetz & Co., a well known tie manufacturer in New York. He then proceeded to create his own ties which then defied the current fashion trend of conservative business wear. This bold move lead to Ralph’s success and up to now, Ralph Lauren’s designs continue to set the trends.
Ralph Lauren loves to collect automobiles, most of which are held in his New York estate. Parts of his collection are extremely rare automobile like the 1929 Blower Bentley, a Bugatti Veyron, an F1 LM, and a 162 Ferrari 250 GTO among others.
He met his wife, Ricky Anne Low-Beer in an eye doctor’s office in June 1964. They then married in December of that same year and had two sons, named Andrew and David, and a daughter named Dylan.
Ralph Lauren was born on October 14, 1939 and is now 71 years old. He continues to act as CEO and Chief Designer while his son David works as an executive at Polo Ralph Lauren