7 Words That Will Close the Black Wealth Gap

August 16, 2011  |  

by Randy Williams

As recent data has shown, the net worth of Whites is now about 20 times that of African-Americans. Between 2005 and 2009 the household wealth of African-Americans fell a staggering 53%. Maybe more detailed numbers will put the canyon that is the Black wealth gap in greater perspective: The average White household in the United States has $113,149 in wealth while the average Black household has only $5,677. In spite of what the statistics say, closing the wealth gap is still possible, but several changes must be made in order for this to happen. Here are seven words that can completely transform the economic outlook for African-Americans.

Collaboration – How can one of the most imitated and influential cultures ever suffer from such drastic economic frailty? Historically, our culture is one that stresses individuality and harbors a “I-have-mine-now-you-get-yours” mentality that has weakened black families for decades. As studies have shown, Black families have very few resources individually; however, by pooling our resources together we dramatically increase the power of our communities. Essentially, this power can then be used to build businesses, promote social interests and lessen the individual burdens that many of us face. Collaboration also becomes a breeding ground for new ideas and concepts that were previously unavailable. Studies predict that by the year 2013, the spending power of African-Americans is expected to reach $1.2 trillion, proving that together we are a force to be reckoned with.

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