"In America, there exists a large wealth gap, which is the highest among G7 nations. It has become a popular talking point for politicians such as Bernie Sanders. According to Federal Reserve data (Q4 2023), the richest 1% of Americans owns 53-54% of stock and mutual funds. While the top 1% owns over 30% of the nation's wealth, the bottom 50% holds only 2.6%."
"It is no secret that this wealth gap is often even wider between blacks and whites. As of the 2022 Federal Reserve Survey of Consumer Finances, the median Black household held about one-sixth the wealth of the median White household - an improvement from one-tenth in 2019. The wealth gap expanded during the 2010s but narrowed slightly from 2019 to 2022, according to the latest Federal Reserve data."
"The success stories of African American billionaires can be inspirational not only for aspiring Black entrepreneurs but for people of any ethnic background. They show that success is possible no matter what obstacles are thrown in our paths. We can also see that, while movies, music, and sports have been areas of opportunity for many successful African Americans, others have reached the top of their game in business and technology."
U.S. wealth is highly concentrated: the richest 1% owns 53–54% of stocks and mutual funds and more than 30% of national wealth, while the bottom 50% holds only 2.6%. The median Black household possessed about one-sixth the wealth of the median White household in 2022, an improvement from one‑tenth in 2019; the racial wealth gap widened during the 2010s but narrowed slightly between 2019 and 2022. Black-owned employer businesses grew 14% from 2019 to 2022, the fastest increase in at least 25 years. The number of Black billionaires continues to rise, with business and technology among fields producing high-wealth outcomes.
Read at 24/7 Wall St.
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