The “wealth gap” continues to widen with Blacks median net worth at $6,314 versus Caucasians at $110,500. In other words, for every $100 in net worth of Whites, Blacks have about $5.71.
The wealth gap is a problem for all Americans. If the wealth gap is closed, then the entire country will benefit and the country will be more financially stable” says a report from the US Senate.
So what are Black people going to do about it?
The US Black Chamber of Commerce is urging the pursuit of business ownership as a path to economic empowerment. It’s certainly working for the Asian community which has a media net worth of $89,339 according to the same report.
Black people must consciously and selectively spend or invest the money they earn if they want to begin to climb out of this economic hole. Literally 95% of the money earned by Blacks is spent outside of the Black community. No economic empowerment can be developed with this type of group behavior.
The statistics bear witness including the following:
- Less than 50% of Blacks own a home.
- 33.5% of Black households have zero or negative net worth.
- Blacks are the only ethnic group to remain with double-digit employment over the last three months.
It is past time for Black people to become better economic stewards. We’re living in an extremely competitive and hostile climate. Tough times are hitting all groups, but the harshness and the longevity of these challenges for Black people is unparalleled.
What are you prepared to do? Leave your comments below.