Observers assert that the embarrassingly large racial wealth gap will eventually shrink as non-whites catch up to whites, for instance, due to more education, business ownership and other key factors. But the data for the wealthiest households show that .
Wealth is a means for households to achieve greater economic mobility and economic security. Households can use their wealth to move to a more desirable neighborhood, switch jobs when new and better opportunities arise, start a business and send their kids to college. And wealth allows households to better weather an emergency such as a layoff and a medical emergency.
The above excerpt was originally published in Forbes.
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