Lifetime Inheritances of Three Generations of Whites and Blacks

This article estimates lifetime inheritances by combining survey self‐reports of inheritances received with forecasts of prospective inheritances. These estimates encompass whites and blacks of the baby boom generation and the two preceding generations. The white‐black gap in lifetime inheritances is found to increase both absolute and relative racial wealth inequality. The gap is estimated to be much larger for the baby boom generation than for previous generations. Combined with the stalling of blacks’ progress in earnings relative to whites’ since the 1980s, the baby boom generation may thus have begun a reversal of progress toward racial economic equality, with inheritances playing a key role in this reversal.