Real Talk: Is the overall wealth of Black Americans actually lower than reported?

[OperationNumbNutts]

I'm just brainstorming but hear me out. It's currently reported blacks make up 4.7% of the wealth in American. Households With a White, Non-Hispanic Householder Were Ten Times Wealthier Than Those With a Black Householder in 2021.

Usually during census, the box checks African American and black together. Meaning people from Africa, the Islands, black Europeans are in the same category. The majority of black foreigners I see are doing their thing and rightfully so. However, could it be that their numbers bump up African Americans wealth on stats which essentially mean it's actually lower? This isn't an us versus them question. Just one how we actually are as a demographic.

Thoughts. Hopefully this question is clear.

 

[Laidbackman]

I'm just brainstorming but hear me out. It's currently reported blacks make up 4.7% of the wealth in American. Households With a White, Non-Hispanic Householder Were Ten Times Wealthier Than Those With a Black Householder in 2021.

Usually during census, the box checks African American and black together. Meaning people from Africa, the Islands, black Europeans are in the same category. The majority of black foreigners I see are doing to thing and rightfully so. However, could it be that their numbers bump up African Americans wealth on stats which essentially mean it's actually lower? This isn't an us versus them question. Just one how we actually are as a demographic.

Thoughts. Hopefully this question is clear.

"The majority of black foreigners I see are doing to thing and rightfully so"? - don't quite understand.

But my answer would be yes.

Edit: I think you meant "doing their thing".

 

[Kornball The Conqueror]

I'm pretty sure they boost a lot of rates

 

[Samori Toure]

They derive most personal wealth information from the equity in people homes and retirement plans. It is only as good as the housing, stock and bond markets. Probably a better indicator for me is how much debt do people have and how liquid are they.

 

[RickyDiBiase]

You’ll never get a clear answer or indication

But reality you can’t allow raw data and numbers to run your life. You gotta focus on what you bring to the table and what resources you could put in the next man’s hands for shyt to grow. I’m not no millionaire but several of my current and former employees were able to go off and start their own ventures based on their tenure working for me.

Building wealth takes a literal lifetime. The key is to make sure the shyt is on stable ground before you depart

 

[Laidbackman]

They derive most personal wealth information from the equity in people homes and retirement plans. It is only as good as the housing, stock and bond markets. Probably a better indicator for me is how much debt do people have and how liquid are they.

Then he would be right thinking African-American wealth is bumped up on those reports. Being someone who barely made the baby boomers, I hardly know anybody my age with a house or a retirement plan. And not all these brothers and sisters planned poorly. Real talk.

 

[DonB90]

The majority of black foreigners I see are doing their thing and rightfully so. However, could it be that their numbers bump up African Americans wealth on stats which essentially mean it's actually lower?

You mf'ers think y'all slick on here

Yes the Haitians in Florida greatly boost the wealth stats of all Blacks in Floridians you see the economic might of Black Miamians since their mass arrival

 

[Samori Toure]

Then he would be right thinking African-American wealth is bumped up on those reports. Being someone who barely made the baby boomers, I hardly know anybody my age with a house or a retirement plan. And not all these brothers and sisters planned poorly. Real talk.

What you wrote doesn't make complete sense, because your White counterparts would be similarly situated. While some of those folks might inherit businesses from their parents, what is more likely is that they inherited their parents homes and/or received life insurance proceeds from their parents and personal investments. With that said most older Black that I know and knew owned their homes. So personal wealth has been getting passed along, but there is some kind of hole somewhere in the reporting.

 

[get these nets]

Lip Service was paid to this topic when it was trendy to do so.

Marriage rates, and the high single income household rates would have to play a big part in the amount of wealth Black people are able to hold and build.

When that barely come up in past discussions, I knew that people were taking cues from whoever introduced the topic to them, and just repeating what they said.

 

[OperationNumbNutts]

You mf'ers think y'all slick on here

Yes the Haitians in Florida greatly boost the wealth stats of all Blacks in Floridians you see the economic might of Black Miamians since their mass arrival

 

[BaggerofTea]

i dont think you know alot of black people, a lot of black folks have money.

a lot of black folk also are broke, so it balances out

 

[NoMoreWhiteWoman2020]

If anything, I think it’s higher than indicated because a lot of income goes unreported. Where I live, it’s soul food and wing’s restaurants that pay workers under the table. I know barbers and hair stylists that make 100+ grand a year but don’t report that on their taxes(maybe 30-40,000 gets reported so they can still get a tax refund).

I’m not even talking about those hustling making illegal bread.

 

[Serious]

If anything, I think it’s higher than indicated because a lot of income goes unreported. Where I live, it’s soul food and wing’s restaurants that pay workers under the table. I know barbers and hair stylists that make 100+ grand a year but don’t report that on their taxes(maybe 30-40,000 gets reported so they can still get a tax refund).

I’m not even talking about those hustling making illegal bread.

I always wondered about the under reporting economy.

@Matt504 maybe those people on instagram are really living it up

 

[Cakebatter]

Then he would be right thinking African-American wealth is bumped up on those reports. Being someone who barely made the baby boomers, I hardly know anybody my age with a house or a retirement plan. And not all these brothers and sisters planned poorly. Real talk.

You also have to take into account that Redlining limited Black home ownership to low value areas, plus the fact that real estate and banks value Black homes lower than White homes, even when all other aspects are equal.

 

[NoMoreWhiteWoman2020]

I always wondered about the under reporting economy.

@Matt504 maybe those people on instagram are really living it up

Think about it. I teach economics in a predominantly black high school and I had them do an analysis of a local black owned business. It was refreshing to see how many of them were able to interview family members or other teachers. It also shows them that they can do the same, you can make your own, but you still have to put in the work.