Build Back Black: Strategies for Growing Black Wealth

Centuries of discrimination and exploitation have left Black Americans much poorer than white Americans. Black Americans are behind when it comes to building wealth. But, the odds are not insurmountable.

According to the Brookings Institute, the median white household has a net worth 10 times that of the median Black household. If Black households held a share of the national wealth in proportion to their share of the U.S. population, it would amount to $12.68 trillion in household wealth, rather than the actual sum of $2.54 trillion. The total racial wealth gap, therefore, is $10.14 trillion. When it comes to building wealth, many Black Americans are facing an uphill battle due in part to:

The median annual wage for Black workers is about 30% lower than white workers. Black households generally start with less family wealth. Black families tend to not be exposed to investing.

Healthy Black-owned businesses could be a critical component for closing the United States’ Black–white wealth gap, which will cost the economy $1 trillion to $1.5 trillion (in 2018 dollars) per year by 2028. The COVID-19 crisis, however, has further stressed Black-owned businesses and may cause the racial wealth gap to widen.

During this session, panelists will discuss approaches, strategies, and transformational programs to close the racial wealth gap and building generational wealth.

Speakers

Georgette Dixon, Executive Vice President, Head of External Engagement, Diverse Segments, Representation and Inclusion, Wells Fargo
Samuel Combs, CEO and Managing Partner, COMSTAR Advisors
Charles O’Neal, Chairman, US Black Chambers, Inc.
Kelsey Ruger, Vice President, Product, Hello Alice
Juan Cofield, President, NAACP New England Area Conference

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