Derrick Soo stands by old industrial circuits in Oakland’s Cannery Lofts, the site of his great-grandfather Lew Hing’s first cannery. By the time Lew died in 1934, he had been forced to liquidate most of his business holdings, leaving him stripped of the wealth he spent his whole life earning. Soo said he believes that had it not been for the racist policies and actions against his family, their legacy would look much different today.

Tax Cuts and Eroding Worker Protections Made Wealth Gap More Extreme

When we examine the massive wealth gap between the rich and poor in this country, what stands out most is how differently it affects the country’s white and Black populations.

According to data from the Federal Reserve Board’s Survey of Consumer Finances, the typical Black family has $24,000 in wealth. That is less than 13% of the $190,000 in wealth held by the typical white family.