The American economy is still the biggest in the world, by a wide margin from its next competitor, China. The average yearly GDP (gross domestic product) is 14.5 trillion US dollars. To put that in perspective its next closest rivals put together don’t come close in wealth.
The US have the most billionaires and millionaires in the world and since President Obama took office those numbers have skyrocketed – due in large part to the explosive stock market recovery.
American wealth is primarily in the hands of one percent of it populace. With black household wealth now only slowly recovering from levels not seen since the 80’s, blacks still have a tiny chunk of the economic pie.
Oprah Winfrey is still the nation’s only black billionaire. After some 10 years or so with that status Oprah’s must be lonely at the top.
There are signs of hope more black billionaires will emerge but the great recession has eaten away wealth from everyone – including millionaires.