(Dow Jones) Even as their numbers continue to grow, African-Americans conceivably constitute one of the great untapped markets when it comes to financial services. Among those with household incomes of $250,000 or more, 58% have yet to establish an estate or a wealth-transfer plan, according to a new survey by Northern Trust. “It’s a very underserved segment,” says Darrell Jackson, an executive vice president of Northern Trust and an African-American who’s worked with his company to target this market. It also is a population that is growing and becoming more affluent. African-Americans are expected to constitute 15% of the country (a total of 66 million individuals) by 2050, according to the U.S. Census Bureau. And over the next three years, the buying power of African-Americans is expected to grow 28.4%—to $1.1 trillion from $870 billion, according to a 2010 Packaged Facts study, with the title “Black Is the New Green.”
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