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Language of Money

Black Wealth - By the Numbers

2/15/2019

 
Black Wealth By the Numbers
African-American consumers spend a mind-boggling $1.4 TRILLION (yes, with T) annually.

All of that consumer spending has yet to translate into sustainable wealth for a majority of African-American families.

Below, we'll examine the state of Black wealth in America and the context behind those numbers.
The Median Black wealth declined by
Percent between 1983 and 2013
  • From 1983 to 2013, the median wealth for a Black household declined by an astonishing 75%. During that same time, the wealth for a median white household increased by 14%.

  • In 2016, the average wealth of a Black household was still about one-third LESS than it was before the beginning of the Great Recession: $102,477 from $154,557.
Average Black wealth is still
Percent less than it was before the Great Recession

The Black rate of home-ownership, at
Percent, has remained almost unchanged for 50 years
  • Home-ownership is one of the most critical ways of building wealth, but after 50 years, the rate of home-ownership among African-Americans has remained stagnant at a mere 42%.

  • An African-American employee makes roughly 82.5 cents that of the typical white worker.
African American workers make about
cents for every dollar made by the average white worker

More than
Percent of Black businesses are sole-proprietorships with no employees
  • Out of the 2.6 million Black owned businesses nationwide, more than 95% of them are sole proprietorships or partnerships with no paid employees.

  • An overwhelming 70% of African-American business owners surveyed revealed that they financed their companies using cash.
Among Black business owners surveyed,
reported financing their business with cash

The average credit score for Black borrowers is
the lowest out of all racial groups
  • A recent study published by the US Federal Reserve Bank reveals that African-American consumers have the lowest average credit score of any racial group: 677.

  • Studies reveal that 87% of Black students borrowed federal loans in order to attend college.
Approximately
Percent of Black students take out federal loans to pay for college

At the current pace, it will take
Yeas to close the wealth gap between Black and white families
  • It is estimated that the wealth gap between Black and white households will take approximately 228 years to close at the current pace.

  • Only 36% of African-American adults have investments in stock.
African-American adults invest at only a
Percent rate in the stock market

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  • Home
    • About
    • Why Black Wealth Matters
    • Financial Literacy Quiz
    • Contact
  • Mahogany Make
    • Business Resource Central
  • Mahogany Manage
    • Mahogany Money Credit >
      • Introduction to Credit
      • Components of a Credit Score
    • Mahogany Money Debt
    • Mahogany Money Save >
      • 90 Day Savings Challenge
  • Mahogany Grow
    • Mahogany Money Invest
  • Mahogany Protect
  • L.o.M.
    • Mahogany Money Glossary
    • Moment to Movement: Shop Black Week 2019 Campaign
    • Mahogany Money Library
    • Black Business Central