3.5 million Black American households have a negative net worth, new study finds
CNN
Editor's note: An earlier version of this story and headline misstated the findings of the McKinsey study on wealth. It has been updated and corrected.
An estimated 19% of Black American families, roughly 3.5 million households, have a negative net worth because of a history of discriminatory policies from the government and private industry that has hindered their accumulation of wealth over time, according to a new McKinsey & Company study released Thursday. Just 8% of White households have a negative net worth today by comparison, according to the global management consulting firm's comprehensive report on the economic state of Black America. An additional 4.3 million Black households have a net worth of less than $10,000, the study's authors said.
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