500+ years of slavery and no reparations following the ending of slavery has led to a gigantic wealth gap between whites and Blacks that economists say is almost impossible to bridge.
Recent studies are now showing that it would take the average Black family 228 years to even attempt to catch up to the wealth of an average white American family.
If current trends don’t change
If the status quo doesn’t change, Black families in America would need hundreds of years to amass the same amount of wealth that whites have now, according to a new study.
Thirty years of research from 1983 to 2013 by the Corporation for Enterprise Development and Institute for Policy Studies revealed that the average wealth of white families has grown by 84%—three times the rate of African-American families and 1.2 times as fast as Latino-American families.
But while Americans of color will outnumber white Americans by 2043, the wealth divide is expected to have doubled by the same year.
And if current trends are maintained, black families won’t gain the same amount of wealth white families currently have until the year 2241. For Latinos it would take until 2097.