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Season 2, Episode 17: Building Wealth in African American Communities
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Slavery, Jim Crow, and decades of economic inequalities have severely impacted the earnings and wealth of black Americans. McKinsey & Company reported that the median white family had more than ten times the wealth of the median black family in 2016. Additionally, McKinsey & Company stated that, “the racial wealth gap between black and white families grew from about $100,000 in 1992 to $154,000 in 2016”. Two years later the Business Insider include the following stated in their article, “In 2018, the average black American was earning roughly 60% of the average white American, and that ratio has been largely stable throughout the past two decades.” In this episode of The Workforce Wire, Walter Simmons will be joined by Marcus N. Daniels, Commercial Real Estate Broker at NAI Michael, and April Richardson, CEO of DC Sweet Potato Cake to discuss strategies behind increasing the earnings of black Americans and increase the overall wealth of black America.
As Money Under 30 stated, wealth meant to sustain a healthy financial future for years to come, characterized by long-term financial prosperity in combination with your total net worth. If the income gap wasn’t alarming enough, The Brookings Institution found that the net worth of a typical white family ($171,000) is nearly ten times greater than that of a Black family ($17,150).
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