by Yvette Carnell
There is no real wealth in Black America, a point succinctly made in the Huffington Post article “Black Wealth Barely Exists, In One Terrible Chart”.
Part of the reason the African-American community believes that black wealth actually exists is because of the exaggerated wealth of black celebrities. Recently, however, the perceived wealth of black celebrities has been revealed as mostly a fabrication.
First Kanye West divulged that he’s in debt, and now “Martin” star Tisha Campbell-Martin and husband Duane Martin are admitting that they’re drowning in debt.
According to a report in The Daily Mail, the couple’s bankruptcy filing revealed a dire financial situation:
- $313,000 in assets
- $15 million dollars in debt
- They owe $43,000 on a 42-month lease for a 2016 Range Rover, $17,000 on a 2016 Jeep Wrangler, $67,000 on their 2014 Range Rover
- They have joint monthly income of $7,655
- Currently they only have $200 in cash and $173 in a credit union
In a piece at The Huffington Post, Antonio Moore contrasts the real state black wealth versus the illusion:
Despite the broadcast of an NBA All Star game that show’s a cast of nearly all young black male millionaires, the truth is most African American households regardless of education hardly have any wealth. As I showed earlier this year on inequality.org, “… the middle black family is only worth $1,700 when you deduct these durables.”, such as the family car.
Actor Will Smith is Duane’s best friend, so why’s he not giving his buddy some much needed cash? Because that’s not how wealthy people operate. Many in Black America have not only misunderstood wealth in general, but have also misunderstood how wealth spreads, or in the case of the African-American community, how it narrows and squeezes us out of opportunity.