Saturday, 20 June 2020

It takes wealth to make wealth...

Income is primarily earned in the labour market. Wealth, however, is mainly accumulated by the transfer of resources across generations. In other words, it takes wealth to make wealth. A further, and not really surprising, distinction is that wealth is far more unequally distributed than income. In the U.S., the "median black household holds just ten percent of the wealth of median white household, and while blacks constitute thirteen percent of America’s population, they hold less than three percent of its wealth."
(Darity et al, 2018)

- Darity, W. Jr., Hamilton, D., Paul, M., Aja, A., Price, A., Moore, A., & Chiopris, C. (2018). What We Get Wrong About Closing the Racial Wealth Gap. Samuel DuBois Cook Center on Social Equity Insight Center for Community Economic Development, link
- photograph by Garry Winogrand via