Tuesday, May 02, 2006

The Free Press -- Independent News Media - Dr. Manning Marable

The Free Press -- Independent News Media - Dr. Manning Marable: "nheritance, wealth and race
May 2, 2006

In America, the overwhelming majority of Americans, regardless of their incomes and educational levels, describe themselves as “middle class.” That’s because nearly 75 percent of all Americans own their own homes, representing a substantial equity asset. Most also anticipate a windfall inheritance when their parents and/or elderly relatives die.

According to the federal government’s statistics compiled by Mark Zandi of “Moody’s Economy.com”, back in 1985, the average inheritance was $39,000. In subsequent years, the overall amount of total annual inheritance has more than doubled, reaching nearly $200 billion. Researchers at Boston College’s Center for Wealth and Philanthropy estimate that by 2050, approximately $25 trillion will be passed from the old to their offspring.” That’s an impressive amount of money, even for Bill Gates.

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