The United States has some of the highest income and wealth inequality among developed countries. Much of this inequality falls along racial lines: White families have seven times the net worth of their Black counterparts. To put this in plain language, this means that for every $7 of net worth in White families, Black families have $1. 

Why is this gap so wide even today? Shouldn’t these statistics be improving if slavery was abolished nearly 150 years ago? Why do historic inequities continue to have such a widespread impact?

The Secret to Building Wealth

It turns out that there is a secret to building wealth. The simple truth is this: to make money, you have to have money. Wealth is a prerequisite for building wealth. Buying a home, starting a business, or making an investment are all opportunities to build wealth. Yet, all require wealth (or proximity to wealth) to access. 

Our country has a long history not only with slavery but also a pervasive culture of oppression and segregation. Lack of wealth in one generation doesn’t just impact a family’s day-to-day functioning; it impacts their long-term ability to build wealth and pass it down to their children. Nearly 250 years of slavery is 250 years of lost asset-building opportunities for Black families. This harm cannot be undone through run-of-the-mill DEI programs that focus on anti-discrimination training. What would it take to radically restructure our society and create new opportunities to begin bridging this racial wealth gap? Though not easy, businesses are uniquely positioned to have a lasting impact on this historic reality. To find out more, read our full article where we give practical insights and a strategy for these ambitious, yet realistic goals for the future.