In the more than 150 years since the end of the Civil War, Black American wealth remains a fraction of that held by White Americans. Just after emancipation in 1865, African Americans owned 0.5% of national wealth. By 2019, that percentage had not risen above 2%. An analysis by the Brookings Institution found that the median wealth of White families stood at $188,200 while the median wealth of Black families was a mere $24,100. What’s worse is that this chasm has continued to grow. Between 1983 and 2016, adjusting for inflation, median White wealth increased by 33%, according to the Institute for Policy Studies. The median Black family, in contrast, saw their wealth decrease by more than half during that period. The pandemic has only exacerbated the situation.
While closing this divide is essential to achieving racial equity in this country, it’s important that we apply the right tools for the job. We can’t properly solve problems without understanding their origins. The growing divide between White wealth and Black wealth is a product of economic systems designed to extract wealth from Black, Indigenous,
— source yesmagazine.org | Ericka Taylor | May 16, 2022