The wealth gap report: The wealth gap hinders minorities’ ability to create, maintain, and grow their small fi rms, which negatively impacts the entire economy
The “wealth gap” continues to widen with Blacks median net worth at $6,314 versus Caucasians at $110,500. In other words, for every $100 in net worth of Whites, Blacks have about $5.71.
The wealth gap is a problem for all Americans. If the wealth gap is closed, then the entire country will benefit and the country will be more financially stable” says a report from the US Senate.
- Less than 50% of Blacks own a home.
- 33.5% of Black households have zero or negative net worth.
- Blacks are the only ethnic group to remain with double-digit employmentover the last three months.
It is past time for Black people to become better economic stewards. We’re living in an extremely competitive and hostile climate. Tough times are hitting all groups, but the harshness and the longevity of these challenges for Black people is unparalleled.What are you prepared to do?