The Ever Growing Wealth Gap
A new report calculates that median wealth for black Americans will fall to $0 by 2053, if current trends continue. Latino-Americans, who are also experiencing a sustained downward wealth slide, will hit $0 about two decades later, according to the study by Prosperity Now and the Institute for Policy Studies.
“By 2020, median black and Latino households stand to lose nearly 18% and 12% of the wealth they held in 2013 respectively, while median white household wealth increases by 3%,” the report states. “At that point – just three years from now – white households are projected to own 86 times more wealth than black households, and 68 times more wealth than Latino households.”
Source: Edward N Wolff, Household Wealth Trends in the United States, 1962-2013. Figures are in 2013 dollars and exclude durable goods