Racial Wealth Gap #infographic

Published by Yamna Ali Tuesday, June 23, 2020

What is basically a racial wealth gap? When there is discrimination among races in terms of owning assets, it’s called a racial wealth gap. Upon comparison with the white families, black people receive very little or no recognition for asset entitlement. Racial discrimination has always been a huge problem among various parts of the US. It is a problem that shouldn't even be a problem, but yet it still persists in form or another.

A comparison of White and Black asset owners

A survey conducted on the racial wealth gap emphasized the number of assets owned by the black and white people across the entire U.S. From Primary Residency, Vehicle, Family businesses to publicly traded stocks, it is quite evident that the percentage of white people surpassed every other ethnicity by a good margin. This problem has been deep-rooted into the system long before the wealth gap came into the picture. Most of the white people who are in possession of these assets own a degree, which rules them out from the ordinary people, while on the other hand, less black people tend to hold such degrees, which lessen their opportunities towards the ownership of assets. But even after considering two families, white and black, with the same degrees in hand, the white family is most likely to get an opportunity to enjoy the privileges of an asset.

Income gap due to racial discrimination

Racial discrimination at a workplace is yet another issue that has to be solved. According to the research by the Federal Reserve Bank of Cleveland, black people are issued less income than any of the white households. This causes an enormous income gap, which eventually adds to the racial wealth gap. The only solution to this problem is the change of mindset. If people do not find the right path to live, it could affect the future of humanity in the worst way possible.

Infographic by: Visualcapitalist.com

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