Racial Wealth Gap in Obama’s Adopted Hometown of Chicago Worse than National Average

A new report finds that the City of Chicago has a wider racial wealth gap than the national average, with white households earning more than minorities.

The study by the Corporation for Enterprise Development (cfed.org) finds that, in the adopted hometown of Barack Obama, 65 percent of African-American, Latino, and Asian households would be thrown into poverty a scant three months after a breadwinner loses a primary job, the Associated Press reports.

In the city ruled by Mayor Rahm Emanuel, Obama’s ex-chief of staff, white households earn a yearly income higher than the national average and black households, in particular, earn a rate below that average, the study finds. This contributes to the wealth gap, CFED’s Dedrick Asante-Muhammad said.

In addition, white residents of the Windy City have recovered from the 2008-09 recession at a faster clip than black residents.

“The median income of whites in Chicago is $70,960 compared with $56,373 for Asians, $41,188 for Latinos and $30,303 for blacks,” the AP notes.

Another recent study found that African-American and Hispanic households invest for retirement at a far lower rate than white families, also adding to the wealth gap.

Follow Warner Todd Huston on Twitter @warnerthuston or email the author at igcolonel@hotmail.com.


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