Is the average single black woman really worth just $5?
© Les Cunliffe - Fotolia.com
Most of us have already known about the wealth gap along racial and gender lines, but now a very disturbing new study actually puts a bright spotlight on the problem. The new report by the Insight Center for Community Economic Development, formerly the National Economic Development and Law Center (NEDLC) called Lifting as We Climb: Women of Color, Wealth and America's Future shows that while women of all races earn less income and have less wealth than their male counterparts, black women are severely at a disadvantage.
Wealth is generally determined by one's total assets minus debts. According to the report, single, middle age white women have a median wealth of $42,600, which is still about 60 percent of single white men; the median wealth for single black women is only $5. Married white women have a median wealth of $167,500, but married black women have a median worth of $31,500.
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