- The racial wealth gap in the United States is enormous — and growing.
- On September 25 at 4pm EST, a group of thinkers joined Business Insider reporter Taylor Nicole Rogers for a live Zoom discussion on how to close the racial wealth gap.
- The conversation is a part of our “Inside the racial wealth gap” series. Read more »
The racial wealth gap in the United States is cavernous. In 2016, the average white family’s net worth was 10 times that of the average Black family, according to the Brookings Institution — $171,000 for white families compared to $17,150 among Black families.
The wealth gap persists at every income level, too. Among the top 10% of earners, the median net worth of white families is $1,789,300, whereas a Black family earning the same income has a median net worth of $343,160.
These staggering numbers reveal what scholars and others have long known to be true: Centuries of racial discrimination at the federal, state, and local levels — beginning with slavery — have left Black Americans behind. And the gap is not closing — the Brookings Institution’s research actually suggests it’s getting wider.
So what to do about this persistent gap? On September 25 at 4pm EST, a group of thinkers joined Business Insider reporter Taylor Nicole Rogers for a live conversation via Zoom on closing the racial wealth gap. The group discussed how policy, reparations, personal finance principles, and business directives can shift this inequality once and for all.
This conversation is part of Business Insider's "Inside the racial wealth gap" series, examining how we got here and why the wealth gap persists. Read more from the series:
- Racism has cost Black Americans $70 trillion since the start of slavery — here's how that cost breaks down
- Gentrification doesn't have to force minority residents out of their homes. Activists say there are 3 ways to protect communities.
- A toxic mix of redlining and discrimination means homes in Black neighborhoods are chronically undervalued to the tune of $156 billion
- For Black Americans, college degrees aren't about catching up — they're a matter of survival
- When homeowners associations were first created, they helped keep Black people out of the neighborhood. They're still doing it today.
Below are additional details about the digital event. Watch the recording above.
DATE & TIME: Friday, September 25 at 4pm EST on Zoom
SPEAKERS:
Dr. Dania Francis, assistant professor of economics at the University of Massachusetts Boston and co-author of "The Economics of Reparations."
Shawn Rochester, author of "The Black Tax," a book about how much racism and the legacy of slavery have cost Black Americans.
Malik S. Lee, Certified Financial Planner, founder of Felton and Peel Wealth Management, and a regular contributor to Business Insider.