All but three of America’s wealthiest families are white
According to a report by Forbes, all but three of America’s 185 wealthiest families are white.
Forbes’ 185 dynasties with fortunes of at least $1 billion is the first comprehensive ranking of the richest families in America.
They’re white. Yes, all of them.
The families’ assets stem from a wide range of pursuits, from oil and banking to soup, plumbing and cleaning products. Yet all except three — the Chao family, the Elghanayans and the Unanues — are Caucasian, proving that even in 2014, “American wealth” remains largely a euphemism for “white wealth.”
The disparity isn’t just measured in moeny. According to Investopedia, wealth’s definition has been expanded to include the “total market value of all [one’s] physical and intangible assets.” The definition takes into consideration a broader picture of a family’s overall income, holdings and investment options.
Despite a continued increase in income over the past 50 years, black families remain just as poor compared to whites as they did in the 1960s.
Meanwhile, white families are continuing to see an uptick in wealth. The Waltons of Walmart top the Forbes list with a cumulative $152 billion in assets. The 185 families listed have a combined total of $1.2 trillion between them.
The racial wealth gap is alive and well.
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