Bloomberg went to economists at the St. Louis Federal Reserve with a question: would it be possible to calculate the odds of a becoming a millionaire for anyone in the U.S. weaving in traits such as age, education and race? Having already done extensive research in this area, bank researchers Bryan Noeth, Lowell Ricketts and William Emmons agreed to help. And the data shows just how much race matters in the United States.
“We all come out in the birth lottery with different endowments,” Emmons said. “Starting from that point, what can you do to move yourself in a direction you’ll be happy with? That’s what we’re really trying to get at.”
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