I imagine that black wealth is pretty lumpy. Blacks are underrepresented in white collar professions but overrepresented in elite sports and entertainment. There aren’t too many black small business owners. There’s only been a few decades to build wealth so blacks who have some probably made all of it themselves in the last few decades. That’s probably why the average looks better. But that’s all assumptions on my part and I have no sources to back any of this up.
1.5x is a huge difference in income. Imagine a 50% raise.
It is huge - I had originally put the “only” in quotes, but removed them because it’s really not huge compared to 10x.
I do think it makes sense that the wealth difference stems from blacks having so little time to build wealth. The income also is a big factor for sure, but it’s hard to see it causing the 10x gap by itself. OTOH generational wealth is lost really quickly.
1.5x is a huge difference in income. Imagine a 50% raise.