NewsWhite Wealth Up 30% More Than Black During Pandemic

White Wealth Up 30% More Than Black During Pandemic

According to a report from Fortune, even though the government offered financial assistance during that period and earnings of Black workers increased by 7.1%, another Fed study indicated that a majority of white households (65%) had stock investments, while a minority of Black (39%) and Latinx households (28%) held stock investments. This indicates that increases in income do not necessarily mean wealth is generated for Black people.

As Janelle Jones, vice president of policy and advocacy at the Washington Center for Equitable Growth, told Fortune, “The study really shows the difference between making gains when it comes to income, and closing that gap, versus when it comes to wealth.”

Jones noted the prevalence of Black financial wealth tied up in pensions among Black people before briefly discussing the inequity of inheritance for Black Americans.

“Black workers are still more likely to be unionized, which may play a part in the pension story,” Jones said. “But how folks are exposed to the ability to invest in the stock market — whether or not it’s something they grow up doing — we know that’s different for white families than for people of color.” Jones also told Fortune that Black family members were less likely to be recipients of an inheritance. 

RELATED CONTENT: McKinsey Report: It Could Take More Than 3 Centuries For Black Americans To Reach Racial Parity

Source: Black Enterprise

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