Racial Disparities in Wealth and Income Studies

Paper Summary:

This paper examines racial differences in income and wealth, with particular focus on both the wealth and income gap and the difference between each. The paper examines the difference between wealth and income, specifically, pertaining to African-Americans and Caucasians in the United States.

From the Paper:

"Many people have sources of money other than their income. Such other resources of money can be referred to as a person's wealth or net-worth. Income is all earnings, money, wages or payments one is periodically receiving. It's the flow of money regularly from one source to another. Wealth is equivalent to total assets minus liabilities. This means that wealth consists of stocks, real estate, trusts, bonds, mutual funds, etc. In this country, wealth is more important than income because it brings power and prestige with it. In other words, wealth makes one credible. It carries a certain aura to have wealth; it means everything one owns is paid off, they do are not in debt to any person or institution. Many people have no wealth, solely income."

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