Wealth Gap Between White and Black Households Grows
ATLANTA (WAOK)- There is an overwhelming wealth gap between U.S. Black and White families and it continues to grow.
The median wealth of White households is 20 times that of Black households, according to a Pew Research Center analysis of newly available government data from 2009. Roughly a third of Black households had zero or negative net worth, compared with 15% of white households.
These widely disproportionate wealth ratios are the largest since the government began publishing race-related data a quarter century ago.
Dr. Charlie Carter, Professor of Economics at Clark Atlanta University, attributes the large wealth gap to a number of factors. Among them he identifies the lessening value of homes, causing a decrease in overall asset value, as well as a historically lower income level for African Americans.