No that's not the reason..
You make no point.
The U.S. racial wealth gap is substantial and is driven by public policy decisions. According to our analysis of the SIPP data, in 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household. From the continuing impact of redlining on American homeownership to the retreat from desegregation in public education, public policy has shaped these disparities, leaving them impossible to overcome without racially-aware policy change.
Eliminating disparities in income—and even more so, the wealth return on income—would substantially reduce the racial wealth gap. Yet in 2011, the median white household had an income of $50,400 a year compared to just $32,028 for Blacks and $36,840 for Latinos. Black and Latino households also see less of a return than white households on the income they earn: for every $1 in wealth that accrues to median Black households associated with a higher income, median white households accrue $4.06. Meanwhile, for every $1 in wealth that accrues to median Latino households associated with higher income, median white households accrue $5.37.
- If public policy successfully eliminated racial disparities in income, median Black wealth would grow $11,488 and the wealth gap between Black and white households would shrink 11 percent. Median Latino wealth would grow $8,765 and the wealth gap with white households would shrink 9 percent.
- If public policy successfully equalized the return to income, so that each additional dollar of income going to Black and Latino households was converted to wealth at the same rate as white households, median Black wealth would grow $44,963 and median Latino wealth would grow $51,552. This would shrink the wealth gap with white households by 43 and 50 percent respectively.
The Racial Wealth Gap: Why Policy Matters | Demos
I do think that blacks and Hispanics would invest more if this was the case.