America has a gargantuan racial wealth gap, and that gap impacts nearly all public policy issues affecting the New American Majority—an electoral bloc I define as made up of progressive people of color and progressive whites. (That’s 51 percent of all eligible voters.) The median wealth, or net worth, of a White family in 2013 was $134,000, while the median wealth for a Black family was $11,000. Latino families have a net worth of $13,900, and Native American families have a net worth of $5,700. For Asian American families that amount is $91,440, and much of that is attributable to the fact that 74 percent of all Asian American adults are immigrants, with many of them coming from the professional class of their home countries.
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