Though it has growing banking and financial services sectors, Charlotte ranks last in economic mobility of the 50 largest cities in the nation. Children there that are born into the bottom 20 percent of income distribution have only a 4.4 percent chance of making it into the top 20 percent.
CityLab reports that Atlanta, Raleigh, and New Orleans have similar rates among its poorest residents.
These areas tend to be more racially segregated, have a higher share of poverty than the national average, more income inequality, a higher share of single mothers, and lower degrees of social capital, which means people interacting with others who can help them succeed. All of these indicators are present in Charlotte, and throughout much of the South.