Study: Blacks Less Likely To Be Millionaires
In a country where many privileged white people feel that America is a level playing field, it’s hard to show that it isn’t as simple as making up your mind when going for the “American Dream.”
And a recent Bloomberg study is providing more evidence that race is a factor in just about every aspect of life for Blacks in America.
The news outlet asked economists at the Federal Reserve Bank of St. Louis the following question.
Would it be possible to calculate the odds of being a millionaire for anyone in the U.S., based on age, education and race?
Bank researchers agreed to help, and the findings were…well they probably aren’t surprising to African Americans.
“It’s a false narrative to say race doesn’t matter in the United States,” said Senior Economic Adviser William Emmons. It demonstrably does in the results we keep coming upon.”
Analyzing data from the Federal Reserve Board’s Survey of Consumer Finances, researchers found that Americans face very different odds, even if they’re around the same age and have attained the same level of schooling when it comes to obtaining wealth.
While education generally benefits people across all racial and ethnic groups, it helps whites and Asians far more than Blacks and Hispanics.
And according to the sample, a Black person’s odds of being a millionaire increase from less than 1 percent if he or she doesn’t complete high school to 6.7 percent with a graduate degree. White Americans without a high school diploma start out with slightly better chances (1.7 percent), that drastically improve with more schooling.
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