Ann Brown, Black Enterprise
African Americans are getting wealthier–but not as wealthy as the national average, according to a study by the Consumer Federation of America, a nonprofit association of pro-consumer groups, and BET.com.
According to the Federal Reserve data used in the analysis, the net worth of the typical African American household increased from $5,919 in 1989 to $19,010 in 2001. This is an increase of 221%. All households in the U.S. saw an increase of only 33% for the same period. However, black households are still behind the nationwide median average of $86,100 in 2001, according to Stephen Brobeck, executive director of the Consumer Federation. And while blacks have narrowed the “wealth gap,” they still lag behind the rest of the country.
