Doing this racial equity work is exhausting. It makes me wonder how BIPOC (Black and Indigenous People of Color) feel and how they become successful with the odds stacked against them. There are many who do, so why do we stereotype them as people who are not successful.
There are both gaps in income and wealth. Some explanations have been previously mentioned such as home ownership. Whites own more stocks, other real estate and businesses, which are riskier but have higher average returns over time. Whites have better jobs that offer pensions and long term saving and investing opportunities.
Here's another factor I had not thought about:
The magnitudes of differences in inheritances have been found to be large. Avery and Rendall (2002) use the 1989 SCF to document that far fewer black households reported receiving an inheritance than whites and that, of those who did, the average value was about five times smaller than that of their white counterparts.
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