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Black spending power reaches record $1.6 trillion, but net worth falls

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Black spending power reaches record $1.6 trillion, but net worth fallsCNBC’s Frank Holland joins ‘Squawk Box’ to report that Black spending power reached a record $1.6 trillion in 2021, although the group’s net worth declined 14%. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

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  1. I have no clue why they report wealth among Whites. Everyone knows there over 100 years ahead of other races among wealth. Slavery made them rich. Whites have been in control for over 400 years. They have no competition. Next topic.

  2. No surprise their net worth is down! Blacks focus on consumption over saving/investing at a disproportionate rate. Between the Mercedes cars, fashion nails, hair extensions, designer handbags/jewelry/clothing, etc,,, Until they start planning for the future instead of spending for today the situation will continue to worsen.

  3. It’s not about race, it’s about class. The reality is that middle-class status is new for Black Americans, newer than other groups. Ask HOW young adults in other groups are able to purchase homes in their 20s…many aren’t 1st generation home owners which is often the case for Black young adults. Black millennials don’t have anyone to offer to take care of their down payment or to pay for their wedding. They’re doing it all themselves. Give Black millennials 10 years. We may be lagging behind, but there are structural reasons for that. Many of us are the 1st generation out of the hood/poverty. Also, location instability is a major factor. We’re moving multiple times for college, grad school, job #1 and then job #2. Lots of folks want to wait to buy a house until they know where they’ll be settling. It’s a class thing. We’re new to this middle-class thing!

  4. Great report. The only reason we lagging behind, which we headed in the right direction. We currently dont have any real leverage in producing goods. But as small African Americans continue to network and build within those industry to continue to own Manufacturing Plants, along with the Import and export of goods. We will grow. We currently getting into investing, Cryptocurrency, actually have a 30,000 member African American investment group. Things will change in time.😁😁😁

  5. Single parents are the number one reason why blks are in poverty is not systematic reasons maybe a little but not like the media wants people to believe making children out of wedlock is the number cause . Take responsibility and stop
    Blaming everything except yourselves

  6. Asians killin it what else is new… USA should bring in 3 million smart Asians each year and that way it will go waaaay stronger instead of importing illegals from south oft he border! Be careful of CCP spies though! Vietnam, India, Philippines are good countries to bring people from

  7. One generation out from Jim Crow and you’re saying the problem is with black people’s spending habits? While white Americans have been able to compound generational wealth for 400 years? Wealth inequality is entrenched, and systematic for example in the way public schools are funded.

  8. This is why America is screwed, you got the left using skin colour to generate stories while in the same breath saying the colour of skin shouldn't matter, how about you stop using skin colour to define people or groups of people, you are the very racists you claim the opposition it and people are now getting wise to you.

  9. It's believable, I'm a person that identifies as black according to census and communities but it's really been something starting from scratch and understanding finances. I understand real estate but I have no interest in buying something like that but I do like the market and education and various jobs that includes the diversity sector, moving forward.

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