Whites accumulate 12 times more than blacks in US: Report
Wealth inequality has sharply increased in the United States, topping an all-time high with Blacks and Hispanics being affected mostly, a report says.
According to a new report by the Urban Institute, Whites have 12 times the wealth of blacks and nearly 10 times more than Hispanics.
The report indicates that the average white family had accumulated over $134,000 in wealth in 2013 compared to black families who made more than $11,000 and Hispanics with $13,700.
Experts say financial inequality is a growing issue in the United States and there is no sign of improvement.
“There is a large segment in particular of the black community that genuinely feels isolated and discriminated against,” Hassan Mneimneh from Principle Middle East Alternatives told Press TV.
There are crucial reasons for the widening gap, according to Signe-Mary McKernan, co-director of the Opportunity and Ownership Initiative at the Urban Institute, one of which is that Blacks and Hispanics are less likely to be homeowners or participate in retirement accounts, which build wealth.
She said some 47 percent of whites are covered by an employer retirement plan, while only 40 percent of blacks and 28 percent of Hispanics are.
Meanwhile, the unemployment rate, which stands at 5.6 percent, remains much higher for blacks and Hispanics.
The rate stands at 11 percent for blacks and 8 percent for Hispanics, according to government figures.
There is also a major income earning gap between the racial groups, preventing them from many opportunities available to white families.
According to analysts, the wealth gap will eventually have an effect on the US economy, undermining economic growth.
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