White Americans hold 84% of the total U.S. wealth, but make up only 60% of the population. On the other hand, Black Americans hold 4% of the wealth and make up 13% of the population. This means that the wealth of the richest 400 Americans is approximately equal to that of 43 million Black Americans, according to the Federal Reserve Bank of Minneapolis.
Student Debt’s Sunken Place:
Student loan debt is a major issue for the Black community in general. The Roosevelt Institute brief shows that canceling up to $50,000 of student loan debt per borrower would have immediately increased the wealth of Black Americans by 40%.