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African American families need wealth to increase access to good job opportunities. For example, wealth increases the likelihood of people being able to support education for themselves and their children, as well as being able to move to areas with more and better jobs. Yet African American families own much less wealth than whites, and the gap has only widened in recent years. On average, Black families now own about one-fifth of the total wealth, including the imputed wealth of defined benefit pensions, owned by whites. Just before the Great Recession, this gap had shrunk to one-fourth. (see Figure 7). However, African American families lost more wealth during and after the financial and economic crisis of 2007 to 2009. (see Figure 7) This resulted in a widening racial wealth gap over the past decade.

Black-Unemployment_webfig-7.png

Many factors will have to come together to overcome systematic obstacles that hinder African Americans’ ability to build wealth. A prolonged labor market expansion is a good start, but it is not enough, as the most recent data clearly show. More hiring has lowered the unemployment rate and created more employment opportunities, but African Americans are still more likely to be unemployed, have fewer job opportunities, get paid less, have fewer employer-sponsored benefits, and work in less stable jobs. All of these elements further widen the already large racial wealth gap.

americanprogress.org

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