Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S.

Scholar weighs in on income inequality between 1% and blacks

(Image: File)

The wealthiest 100 households on the Forbes 400 list of wealthiest Americans own about as much wealth as the entire U.S. African-American population. That’s the finding of a study by the Institute for Policy Studies (IPS), called Billionaire Bonanza: The Forbes 400 and the Rest of US.

[Related: Blacks in the U.S. Gaining Wealth and Education Faster Than Other Groups]

Among the Forbes 400, just two people are African American: Oprah Winfrey and Vista Equity Partners founder Robert Smith.

In addition, IPS researchers found that:

  • With a combined worth of $2.34 trillion, the Forbes 400— topped by Microsoft Founder Bill Gates —own more wealth than the bottom 61% of the country combined, a staggering 194 million people.
  • The wealthiest 186 members of the Forbes 400 own as much wealth as the entire Latino population. Just five members of the Forbes 400 are Latino, including Jorge Perez, Arturo Moreno, and three members of the Santo Domingo family.
  • The median American family has a net worth of $81,000. The Forbes 400 own more wealth than 36 million of these typical American families; that’s as many households in the United States that own cats.

Researchers site two types of policy interventions that can help reduce the extreme wealth inequality in the U.S.  First, they suggest we close “escape routes,” such as offshore tax havens where the wealthy can hide their wealth and avoid things like taxation, saying hidden wealth now totals in the trillions. Second, they suggest that policies need to be implemented that reduce wealth and raise revenues by “seriously taxing our wealthiest households,” and reinvesting those funds into wealth-building initiatives.

“According to research across several academic disciplines, extreme inequalities of income, wealth and opportunity undermine democracy, social cohesion, economic stability, social mobility, and many other important aspects of our personal and public lives,” the study says.

BlackEnterprise.com spoke to Chuck Collins, a senior scholar at the Institute for Policy Studies (IPS) and director of the institute’s Program on Inequality and the Common Good. He is an expert on U.S. inequality and author of several books, including 99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It.  Collins, along with Josh Hoxie, who heads IPS’ Project on Opportunity and Taxation, authored the Billionaire Bonanza study.

Read Collins’ insights on the next page …

Pages: 1 2


59 Responses to Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S.

  1. Pingback: Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S. | Blackpride.in

  2. Pingback: Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S. » Serving the center of African American culture in the Pacific Northwest!

  3. Pingback: Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S. – The Black Wall Street

  4. Pingback: Black Wealth: Richest 100 Americans Worth As Much As Total African American Population in U.S. | TOUCH 106.1 FM | BOSTON, MA

  5. Pingback: Bill Gates Money Worth | gated - privacyfence

  6. Pingback: 34 100 Gates | beautiful - driveway gates

  7. Pingback: Gates Welath | gardenfencing

  8. Pingback: Bill Gates Total Wealth 2013 | cottage - picketfences

  9. Pingback: 34 100 Gates | bali - bamboopanels

  10. Pingback: 2 Chainz Black Bill Gates | bamboo - bamboopanels

  11. Pingback: Much Money Bill Gates Worth Today | wrought iron

  12. Pingback: Bill Gates Parents Wealth | vinyl fencing

  13. Pingback: Bill Gates En Forbes | vinyl fencing

  14. Pingback: How Much Money Does Bill Gates Have Net Worth | wrought iron

  15. Pingback: African American Lives Gates | bamboo - bamboopanels

  16. Pingback: Bill Gates Wealth Forbes | driveway gates

  17. Pingback: Bill Gates Personal Worth | safe - invisible fence

  18. Pingback: Report: Number of Female Billionaires Outpacing Men

  19. Pingback: » Report: Number of Female Billionaires Outpacing Men

  20. Pingback: Report: Number of Female Billionaires Outpacing Men | Blackpride.in

  21. Pingback: Report: Number of Female Billionaires Outpacing Men » Serving the center of African American culture in the Pacific Northwest!

  22. Pingback: Report: Number of Female Billionaires Outpacing Men – The Black Wall Street

  23. Pingback: Report: Number of Female Billionaires Outpacing Men | OFF THE BLOCK NEWS

  24. Pingback: Bill Gates En Forbes | privacy - fencingpanels

  25. Pingback: Bill Gates Worth Forbes 2011 | gated - privacyfence

  26. Pingback: Report: Number of Female Billionaires Outpacing Men | CE Marketing & Promotions

  27. Pingback: Bill Gates Worth 2011 Forbes | gardengates

  28. Pingback: Bill Gates’s Total Worth | low - driveway gates

  29. Pingback: Bill Gates Net Worth Forbes | wood - trellis

  30. Pingback: Black Enterprise » News » Serving the center of African American culture in the Pacific Northwest!

  31. Pingback: Bill Gates Worth Forbes 2009 | privacy - fencingpanels

  32. Pingback: Bill Gates Give Away Net Worth | design - vinyl fencing

  33. Pingback: Bill Gates Total Worth 2011 | wooden - trellis

  34. Pingback: Bill Gates Total Wealth 2012 | wooden - trellis

  35. Pingback: Report: Number of Female Billionaires Outpacing Men | Pinkest Kiss

  36. Pingback: Bill Gates Net Worth Forbes | gardengates

  37. Pingback: Bill Gates Reducing Population | dog - dog-fence

  38. Pingback: Report: Number of Female Billionaires Outpacing Men | Sassy Reign

  39. Pingback: Bill Gates Total Worth | protect - electricfence

  40. Pingback: Top 10 Cities With The Biggest Income Gap | Blackpride.in

  41. Pingback: Top 10 Cities With The Biggest Income Gap | TOUCH 106.1 FM | BOSTON, MA

  42. Pingback: Top 10 Cities With The Biggest Income Gap – The Black Wall Street

  43. Pingback: Top 10 Cities With The Biggest Income Gap | OFF THE BLOCK NEWS

  44. Pingback: Bill Gates Net Worth Forbes 2009 | dog - dog-fence

  45. Pingback: Bill Gates Reducing The Population | gates - gardengates

  46. Pingback: How Much Net Worth Is Bill Gates Worth | bali - bamboopanels

  47. Pingback: Bill Gates Total Wealth | panels - bamboopanels

  48. Pingback: Gates Forbes 400 | protect - electricfence

  49. Pingback: Bill Gates Reducing The Population | high - gardengates

  50. Pingback: Bill Gates Reducing Population | safe - invisible fence

  51. Pingback: Bill Gates Reducing Population | gardengates

  52. Pingback: Bill Gates’s Total Worth | Fencing Panels

  53. Pingback: Forbes Top 100 Richest Black Americans – Main

  54. Pingback: Report: Number of Female Billionaires Outpacing Men » News, information and resources for residents of Central Seattle - Garfield, Squire Park, Judkins, Judkins Rejected and Jackson Place, the cultural hubs of the African and African-American Diaspora

  55. Pingback: Why do boys in areas of higher income inequality drop out more?

  56. Pingback: Why Do Boys in Areas of Higher Income Inequality Drop Out More? | Blackpride.in

  57. Pingback: Why Do Boys in Areas of Higher Income Inequality Drop Out More? | TOUCH 106.1 FM | BOSTON, MA

  58. Pingback: Why Do Boys in Areas of Higher Income Inequality Drop Out More? | CE Marketing & Promotions

  59. Pingback: Business Management Thesis Topics | mesotheliomaattorneyillinois.xyz

Leave a Reply

Your email address will not be published. Required fields are marked *