Black UK families struggle to earn wealth through home ownership



The median accumulation of wealth for owners of black families over the past decade has been zero. (IStock)

Black families in the UK have a harder time creating wealth through land ownership than Britons from other ethnic groups, according to a new analysis.

According to data from the National Bureau of Statistics edited for Bloomberg News, the median accumulation of wealth of homeowners of black Caribbean or African families over the past decade has been zero.

In contrast, the median homeownership earnings of Caucasian and Pakistani families during this period is around £ 115,000, or roughly $ 163,000. The median net worth of Indian households is £ 176,000, or $ 250,000.

The interests of other ethnic groups fell somewhere in between. These figures are debts held on assets minus mortgages.

The reason for the inequality is controversial, but the reason is that most black families in the UK (30%) do not own a home. About 60% of UK blacks live in London and the high cost of living is running out of money.

According to Bloomberg, according to Andrea Barry, a senior analyst at the Joseph Rowntree Foundation, black Britons are less likely to pay less for the same work than other ethnic groups, and the neighborhood is unlikely to be affordable. That is to say.

And they explained the difficulty of getting a mortgage from a bank. Lack of access to affordable mortgages also contributes to the difficulty of building wealth among former residents. Redlining district In the USA.

Recent UK Government Reports Committee on Racial and Ethnic Disparities The controversy that institutional racism is at the root of wealth inequality.

The 258-page report states that “geography, family influence, socio-economic background, culture and religion have a greater impact on life opportunities than on the existence of racism.” I admit that it is “power”.

[Bloomberg News] – Dennis Lynch

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