1 in 7 White Families are Now Millionaires. For Black Families, It’s 1 in 50.

By Tracy Jan October 3

The share of white millionaires in the United States has doubled in the past quarter-century, with 1 in 7 white families now worth more than $1 million, according to new Federal Reserve data.

Fifteen percent of white families reported being millionaires, compared with 7 percent in the Fed’s 1992 Survey of Consumer Finances.

The dramatic growth in white millionaires reflects a widening economic gulf, with the top 1 percent of households holding 24 percent of income in 2016, a record high.

It also highlights a deepening racial disparity. The percentage of black and Hispanic households worth more than $1 million has remained around or below 2 percent since 1992.

Read more at https://www.washingtonpost.com/news/wonk/wp/2017/10/03/white-families-are-twice-as-likely-to-be-millionaires-as-a-generation-ago/.