On average, the net worth of white families in the U.S. is nearly 10 times that of Black families. According to a recent Brookings report, a typical white family in 2016 was worth about $171,000 — compared to $17,150 for a Black family.
How can we reduce the massive wealth difference between Black and white Americans?
In a small step to remedy that, Netflix recently announced it will move a small percentage of its billions to Black-owned banks. That money would theoretically trickle down to Black families through loans.
Ohio State University economics professor Trevon Logan says it’s a nice gesture, but it won’t fix anything. He says there aren’t enough Black banks around to make any significant change in the financial system.