See also Joseph G. Altonji, Ulrich Doraszelski, and Lewis Segal, (2000), “Black/White Differences in Wealth,” Federal Reserve Bank of Chicago, Economic Perspectives, vol. 24 (1st quarter), pp.38-50. BIS Review 57/2004  5  Three principle factors can account for this.
First, black families may receive lower inheritances or other intergenerational transfers; second, black families may have lower propensities to save out of income; and third, black families may experience lower rates of return on their savings. The two studies that I cited disagree to some extent on which of these factors is most important.