“Despite a decade of philanthropic investment and renewed attention from progressive elected officials, policymakers, and advocates, we have yet to make discernible progress in ensuring Black families have the power and freedom wealth bestows,” the report says (page 1).
“The typical Black household’s wealth (in 2019) was $24,100; for White households, it was $188,200. This translates into the typical Black household holding about 12 cents for every dollar of wealth held by the typical White family– a disparity that has remained largely unchanged since 1989 (Kent and Ricketts, 2020).” (page 6)
Black families are disproportionately shut out of access to opportunities that would improve generational wealth, such as home loans, business loans/ownership, and financial assets. Because of the long history of these inequalities, Black wealth in America has improved little in the last 10 years.
“Racial wealth inequality remains a persistent defining American issue, particularly in the wake of the COVID-19 pandemic’s disproportionate toll on the physical and financial health of Black people,” the report says. “The COVID-19 pandemic and the corresponding economic crisis have only exacerbated what was already a collective failing by policymakers and elected officials, who continue to invest in solutions focused on individual behavior instead of systems change.”