Video: The Reality Behind the Racial Wealth Gap Explained (Animated Video)
Attorney and Emmy nominated producer Antonio Moore presents an explanation of what is behind the Racial Wealth Gap. Moore uses animation to explain the drastic difference between the wealth held by white and black families in America.
Antonio Moore recently worked with economist Matt Bruenig to show that “Black Millionaires Hardly Exist in America” article excerpt: https://www.newsmax.com/AntonioMoore/black-millionaires-wealth-wealth-disparity/2017/10/04/id/817622/
Matt Bruenig and I used the 2016 Federal Reserve Survey of Consumer finances to show that nationwide out of 20 million black families, a mere 380,000 break the single million dollar threshold. That is only 1.9 percent of the racial group. While The Washington Post is following behind our article by reporting an obscure variation of the data that 1 in 50 black families are millionaires, they are failing to explain how truly complete white control of wealth is in the United States. 15 percent of white American families have a wealth level above a million dollars. Meaning 13 million white families are millionaires, and over 870,000 families are above 12 million dollars. This group of whites above $12 million also constitutes the bulk of the top 1 percent we so often speak of in the media.
Our other major finding is that three-fourths of the reported $16,600 in worth reported for the middle black family is the held in the family car. Meaning the median black family is worth just over $4,000 without the family car. According to Professor Edward Wolff durables such as the family car, couch, television, and clothes should not be included as assets in valuing a household.
By Attorney Antonio Moore