Economists at the St. Louis Fed have calculated the odds of someone becoming a millionaire.
The model calculations - part of a series examining how age, education and race separate thrivers from strugglers in today's economy - were commissioned by Bloomberg News which reported on the results:
“It’s a false narrative to say race doesn’t matter in the United States,” said William Emmons, a senior economic adviser at the St. Louis Fed. “It demonstrably does in the results we keep coming upon.”
There’s a narrative in the U.S. that “everybody starts out equally,” Emmons said. “The results that we keep coming across suggest that’s kind of hard to imagine.”