Which Whites Hold All That White Wealth? The Rich Ones of Course.
Earlier today, I posted about the racial wealth gap using figures I derived from the 2010 Survey of Consumer Finances. One of the highlights is that whites hold 88.4 percent of the nation's wealth. White share of the nation's wealth is 31 percent higher than its share of the nation's population.
This prompted this question:
The answer of course is yes. A quick reworking of the code delivers us this graph which answers the question: how is white wealth divided among whites? It turns out that, 59 percent of white wealth is held by whites that are in the top 10 percent of the national income distribution. Whites in the 80th to 90th percentiles of income distribution hold about 11.3 percent of white wealth. Whites in the 60th to 80th percentiles hold about 11.6 percent of white wealth. Whites in the bottom 60 percent of the national income distribution hold about 17 percent of white wealth.
So, as you'd probably expect, it's the rich whites that hold most of the white wealth.
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