Final answer:
In 1860, approximately 25 percent of southern white families were part of the slaveowning class, although a small elite dominated the majority of wealth and slaves. Majority of white families in the South did not own slaves, indicating a concentration of slavery among the wealthy.
Step-by-step explanation:
In 1860, 25 percent of southern white families were in the slaveowning class. This percentage accounts for those who owned enslaved individuals and played a role in the social and economic structures of the South at that time. It's important to note that while only 3 percent of white people owned more than fifty enslaved individuals, the ownership of slaves was still a significant aspect of southern society, contributing to disparities in wealth and social status.
Slaveholding was not widespread among all white families in the South; in fact, two-thirds did not own any slaves at all. Therefore, a small white elite controlled much of the wealth and power, largely through the exploitation of enslaved labor. The cotton boom had created more millionaires per capita in areas like the Mississippi River Valley but also solidified the institution of slavery as a cornerstone of southern economy.