The rate of African American land loss has been far greater than for other racial and ethnic groups in the same time period. It remains a continuing and systemic problem, as it is a significant factor in the wealth gap between white and African American populations. African Americans have 10 percent of the wealth of white Americans.15. SOURCE: https://farmlandaccess.org/heirs-property/
In 2019 the median white household held $188,200 in wealth—7.8 times that of the typical Black household ($24,100; figure 1). It is worth noting that levels of average wealth, which are more heavily skewed by households with the greatest amounts of wealth, are higher: white households reported average wealth of $983,400, which is 6.9 times that of Black households ($142,500; SCF). While median wealth is more reflective of the typical household, the scale of average wealth is indicative of the outsized levels of wealth held by the richest households.
Baby Boomers, the generation of people born between 1944 and 1964 (age 54-74), are expected to transfer $30 trillion in wealth to younger generations over the next many years. This jaw-dropping amount has led many journalists and financial experts to refer to the gradual event as the “great wealth transfer.” In no prior time in the history of America has such a vast amount of wealth moved through the hands of generations.
The process of articulating a family's vision is one aspect of building continuity and the bridges that will endure through generational wealth and business transfers. In a study conducted by JP Morgan Private Bank, researchers identified eight best practices that help families manage their wealth successfully over the long-term. ************************************** The eight best practices are: 1. Articulate a clear and powerful vision; 2. Cultivate entrepreneurial strengths; 3. Plan strategically to mitigate risks and capture opportunity; 4. Build unifying structures to connect family, assets, and environment; 5. Clarify roles and responsibilities; 6. Communicate, communicate, communicate; 7. Help members develop competencies 8. Provide independence, including exit options
Based on various assumptions about what a strong family does, researchers have developed lists of structural and behavioral attributes that characterize successful families. Despite differences in discipline and perspective, there seems to be a consensus about the basic dimensions of a strong, healthy family. The following constructs, which are often interrelated and complex, will be identified, defined, and described briefly as they exist in strong, healthy families: 1. Communication; 2. Encouragement of individuals; 3. Expressing appreciation; 4, Commitment to the family; 5. Religious/spiritual orientation; 6. Social connectedness; 7. Ability to adapt; 8. Clear roles 9. Time together
The presence of effective communication patterns is one of the most frequently mentioned characteristics of strong families. Researchers characterize the communication patterns of strong families as clear, open, and frequent. Family members talk to each other often, and when they do, they are honest and open with each other (Stinnett and DeFrain, 1985; Lewis, 1979; Epstein, 1983; Olson, 1986). For specific information regarding the constructs listed about, go to the reference below.
In 2016, the typical middle-class black household had $17,150 in wealth versus $171,000 for the median white household per the Historical Survey of Consumer Finances. You have to combine the net worth of 11.5 black households to get the net worth of a typical white U.S. household.
There is a far larger number of white millionaires than black millionaires per the Historical Survey of Consumer Finances. In 2016, around 15.2 percent of all white families in the United States had a net worth of one million U.S. dollars or more. This compares to only 1.9 percent of Black families. Share of U.S. families who are millionaires by ethnicity 2016 Published by Erin Duffin, Jun 17, 2020
American's 100 richest people control more wealth than the entire Black population. American's 186 richest people control more wealth than the entire Latino population.