According to the Institute for Policy Studies, the wealth of the Forbes 400 billionaires is equal to the wealth of the entire African American population. There are currently 41 million blacks in America. After the economic crises in 2008, wealth, specifically in African American households, declined dramatically. According to the research, the amount of billionaires that would fit “in a high school gym” equals to the entire number of black households – about 14 million.
On the list of billionaires includes only one African American woman: Oprah Winfrey. Winfrey holds a net worth of $2.9 billion. She is one of six other black billionaires all over the world.
The numbers are also supported by the homeownership percentages for African Americans. 43.1 percent of blacks are homeowners while white homeownership is at 73.3% and Latino at 47.6%. According to the study, African Americans make up 13 percent of the U.S. population but have only 2.7 percent of total wealth.
This study was first mentioned in an article by Bob Lords on January 15, 2014 on Otherwords.org. Lords wrote:
As we commemorate Martin Luther King Jr.’s 85th birthday, we’ve all come to know his dream. Above all else, he dreamed that one day this nation would rise up and live out the true meaning of its creed: “We hold these truths to be self-evident, that all men are created equal.”
Yet here’s the grim reality facing black America today: The net worth of just 400 billionaires, a group that could fit into a high school gym, is on par with the collective wealth of our more than 14 million African- American households. Both groups possess some $2 trillion, about 3 percent of our national net worth of $77 trillion.
We chose to honor Dr. King by making his birthday a national holiday because of his tireless work for justice. And MLK stood not only for social justice, but for economic justice as well.
Back in 1951, he told his future life partner, Coretta Scott, that a small elite should not “control all the wealth.” “A society based on making all the money you can and ignoring people’s needs, is wrong,” Dr. King explained.
And the “March on Washington” was “for jobs and freedom.” At the time of his assassination in Memphis in 1968, Dr. King was standing with striking sanitation workers in their fight for economic justice.
How would MLK view the Forbes 400 controlling as much wealth as our entire African-American population of about 41 million people? Could that state of affairs co-exist with his dream?
Hardly. At the outset of that speech about his dream, the civil rights leader noted that one century after the Emancipation Proclamation, “the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity.”