The Federal Reserve’s latest Survey of Consumer Finances (SCF) exposed a massive racial wealth gap in the U.S. In 2022, the typical African American family has 16 cents on the dollar compared to the typical white family—about $44,900 compared to $285,000. (The typical Hispanic family has 22 cents on the dollar compared to a median white family.) This perpetuates a pattern that dates to 1983, when Black and white workers’ wealth began to diverge across income brackets. [time-brightcove not-tgx=”true”] In the early 1980s, experts saw this gap as an anomaly and predicted that it would narrow as younger Black Americans with more education replaced older ones with less education in th
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