The wealth gap between Black and White Americans is staggering: the typical White family has 8x the wealth of the typical Black family1. Throughout history, attempts to attain Black wealth have been stifled by racially motivated acts of violence ,such as The Tulsa Massacre2 and discriminatory laws, policies, and practices that continue to impact Black wealth today3. As a direct result, Black Businesses are often stifled and typically lack the resources to sustain viable businesses as opposed to their white counterparts4.
Addressing the wealth gap will require dismantling the systems that have kept these inequities in place5; many believe that consistently investing in Black Owned Businesses is also a part of this strategy4,6. Investing in Black businesses will not only generate more wealth in Black communities but it will positively benefit the economy as a whole4. Simply put, the impact of racism costs us all5.
- https://www.federalreserve.gov/econres/notes/feds-notes/disparities-in-wealth-by-race-and-ethnicity-in-the-2019-survey-of-consumer-finances-20200928.htm
- https://www.history.com/news/black-wall-street-tulsa-race-massacre
- https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/
- https://www.brookings.edu/essay/to-expand-the-economy-invest-in-black-businesses/
- https://www.businessinsider.com/personal-finance/racism-cost-us-economy-16-trillion-last-20-years-2020-10
- https://www.forbes.com/sites/annakang/2020/09/08/supporting-black-owned-businesses-should-be-more-than-just-a-trend/?sh=3fb6d87d7df4
