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One of the most heated scholarly controversies in the area of racial equality and social justice in the 1980s has been the dispute over the nature, cause, and meaning of economic changes occurring within the black community. Although this debate has important public policy consequences, most of the research on which the debate is based is concerned with income. We argue that a broader interpretation of life chances should include an examination of wealth as well as income. Using the 1984 Survey of Income and Program Participation (SIPP), we examine black and white patterns of wealth inequality. Our analysis uncovers a depth of inequality beyond that which is found when income alone is considered. Furthermore, we find that both race and class are important in determining patterns of racial inequalities in wealth.