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wealth gap
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A new report has shown celebratory news for Detroit, MI. “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014-2022,” a study by the University of Michigan Poverty Solutions, has been released showing that Black homeowners in Detroit have “gained $2.8 billion in home value,” per a news release. View this post on Instagram A post shared by City of Detroit (@cityofdetroit) Beginning in 2014, the study was conducted after Detroit’s municipal bankruptcy. In July 2013, Detroit became “the largest U.S. city to file for bankruptcy,” per AP News. The news release details that the study had a goal of finding out if the city’s housing values had seen growth across those nine years, and if these improvements had been fairly distributed across Detroit neighborhoods and racial/ethnic groups. With an 94% overall increase in home value, and 80% increase for Black homeowners specifically, since the study started, Detroit Mayor Mike Duggan credits residents stabilizing...
Apr 22, 2024
The Antetokounmpo family doesn’t play when it comes to their own. Nike has been a long supporter of Giannis Antetokounmpo and his family since the very beginning of his career in 2013, and it’s also what encouraged the NBA superstar to pass on another endorsement deal with one of the athletic apparel company’s competitors. According to Bleacher Report, during an appearance on the “Thanalysis Show,” Antetokounmpo recalled the moment he decided to walk away from a deal at Adidas because he was in a position where he needed to help support his family. After an initial offer featuring a deal for both Giannis and his brother Thanasis Antetokounmpo, Adidas backtracked on the plan, prompting Giannis to turn down the proposal. “[An Adidas representative] brought the contract and put it in front of me, and I’m like, ‘Okay great, where is my brother’s?’” Antetokounmpo explained, per Bleacher Report. “And he was like, ‘We’re not going to sign your brother’s today. You’re going to sign yours,...
Apr 19, 2024
AFROTECH Executive is set to close out in Brooklyn, NY. On Sept. 22, the last stop of the multi-city series will focus on wealth, finance, and innovation, including a fireside chat with Northwestern Mutual’s Abim Kolawole on corporate responsibility in closing the wealth gap. Snag your tickets for AFROTECH Executive here. View this post on Instagram A post shared by AFROTECH (@afro.tech)
Sep 20, 2023
When it comes to closing the wealth gap, many believe in the power of strategically investing in real estate. And the proof may be in the pudding for Tiffanie Vendryes, who says her net worth exponentially grew once she ventured into the space.
Feb 3, 2023
Looking to expose beneficial financial practices, Stackwell Capital will release a new application that will target Black Millennials and Generation Z Americans. Users will be introduced to educational resources and pre-built portfolios, according to information provided to AfroTech. The investing affinity application aims to eradicate the wealth gap for Black Americans. “Before founding this company, we fundamentally believed that the racial wealth gap is a social justice issue of our time that directly impacts many of the other gaps that have left people in the Black community feeling like they’re not set up for success in this country,” Stackwell Founder and CEO Trevor Rozier-Byrd told AfroTech. “Ultimately, I founded Stackwell to help more people in the Black community leverage the power of the market so that they could grow their wealth and have greater agency control to direct outcomes that better their lives, particularly those in the Millennial and Gen Z population where the...
Apr 7, 2022
Iris Nevins is an art collector who soared into the world of non-fungible tokens (NFTs) after the realization that it would be a profitable marketplace for artists. One year after her dive into crypto, she soon launched NFT studio Umba Daima in February 2021 . The switch was fitting for Nevins, who already planned to create a digital store for artists to gain profit for their work. Umba Daima educates artists on Web3 and helps them find their footing in the NFT space. The company also boasts various sub-brands under its belt including Black NFT Art, NFT Roundtable podcast, and virtual exhibit The Unseen Gallery. “We noticed that the artists that were having a lot of success had these really strong communities around them that were promoting or reposting on social media or participating in their drops,” Iris Nevins said in an interview with CNBC. The studio launched Black NFT Art “in an attempt to create that kind of experience for Black artists.” Umba Daima can celebrate a few...
Jan 14, 2022
Black Girl Ventures is making sure the futures of the next generation of entrepreneurs are in good hands. We are excited to announce that @blackgirlventures will be partnering with the @nba to launch BGV NextGen! Which HBCU should we recruit from first?! 👀 Drop your favorite HBCU in the comments… #communityornothing #bgv #hbcu pic.twitter.com/opEidtpCRB — Omi (@theomibell) August 6, 2021 According to our sister site, Blavity News, 25 students will have an opportunity to advance their business plans with support from BGV and the National Basketball Association (NBA) through the launch of the BGV NextGen Program. “We are excited to announce that @blackgirlventures will be partnering with the @nba to launch BGV NextGen,” Shelly Bell said in a tweet in August 2021. We are excited to announce that @blackgirlventures will be partnering with the @nba to launch BGV NextGen! Which HBCU should we recruit from first?! 👀 Drop your favorite HBCU in the comments… #communityornothing #bgv #hbcu...
Jan 6, 2022
The past year plus in America has been a glaring reminder of the unfair and unequal conditions that exist in this country, especially for Black Americans. In an effort to change that reality, The Highland Project founder Gabrielle Wyatt wants to create the change she hopes to see for women that look like her. Wyatt shares that The Highland Project — a non-profit organization created to help Black leaders support one another and build power — was founded with a mission to cultivate a coalition of Black women who are leading in various institutions and systems to help generate multi-generational wealth. “As Black women, we are tired of performative activism when real and meaningful policies and practices are needed to close the racial wealth gap,” she said in a press release shared with ESSENCE. “Black women do so much for this country, but our contributions are rarely appreciated and certainly don’t always benefit us.” According to her, her non-profit will reverse this truth...
Jul 6, 2021
On average, Black workers are already earning $12,000 less than the median wage in the U.S. , and there are so many other barriers in their way in regards to diversity, opportunity and stability in the workplace. Jesse Walton, SVP of the Walton Group and a certified private wealth advisor at Morgan Stanley, has been fighting institutional inequities for over two decades. Walton is extremely passionate about helping position his clients to create generational wealth and those building blocks start with financial literacy, long-term investing and saving, he says. “The biggest opportunity this country gives you is freedom and the fact that you can participate in the corporate structure,” Walton told AfroTech. “You can grow your wealth if you save and participate in the growth of this economy and you do that through stock ownership.” Here’s more of Walton’s thoughts on the racial wealth gap , how the Black community can close it, and more. Editorial Note: This piece has been edited for...
Jul 5, 2021
This new report is calling on change makers to step up to the plate after highlighting gaps in representation, participation and pay for Black workers in America. McKinsey & Company published some eye opening findings in its recent “The Economic state of B lack America: What is and what could be” report. The new study explores the racial gaps and disparities across the nation’s economy. The Economic state of Black America studies five specific economic roles: workers, business owners, savers/investors, consumers, and residents. With this new report, McKinsey wants to provide a comprehensive review of how Black Americans participate and thrive in the economy. The management consulting firm also wants to put a spotlight on the challenges Black Americans face and help imagine what a new future looks like following the coronavirus pandemic. “The way forward is a mix of truth and reconciliation, and it’s really important to tell the full truth,” John Paul Julien, an associate partner at...
Jun 17, 2021
Generation Xers are emerging from the pandemic more wealthy and economically stable compared to other generations, specifically millennials. Reuters first reported this along with data collected by the U.S. Federal Reserve showing that members of Generation X saw their wealth jump more during Donald Trump’s presidential term and through the coronavirus pandemic. Generation Xers can be defined as those currently between the ages of 40 and 55; they come after the Baby Boomer generation, and right before Generation Y, also known as Millennials . Generation X hit a major turning point last year when its share of wealth, at 26.9 percent, passed its share of households which is 26.8 percent. But what does this mean? This means that Generation X’s wealth has surpassed the amount of households they account for in our population. Reuters coined Generation X as the ascendant generation because of this. When Trump took over as president in 2017, Generation Xers accounted for 34.6 million...
May 7, 2021
As part of Women’s History Month, we’re highlighting some of the most powerful Black women who you may not have heard of. To that end, we sat down with Sandra Richards, Head of Global Sports, Entertainment, and Segment Sales at Morgan Stanley. Background Born and raised in Long Island, NY to Jamaican parents, Richards went on to earn both undergraduate and graduate degrees from Seton Hall University. She had initially planned to attend law school but ended up pursuing several opportunities outside the legal industry. “I had an opportunity to work at the Jackie Robinson Foundation. And I worked there for five years before coming to Morgan Stanley. When I joined Morgan Stanley, I joined their wealth management space with our Wealth Management Studies in the diversity and inclusion area for our global wealth managers space,” Richards said. “Now, I run our global Sports and Entertainment Group as of 2018,” she added. Why She Loves Her Role “I think the most rewarding part is certainly...
Mar 31, 2021
A local Washington D.C. musician and entrepreneur recently launched Black Men Ventures (BMV) to help close the wealth gap and support Black men entrepreneurs. According to Washington Business Journal, Alfred Duncan was inspired to launch BMV to foster access to more financial and human capital. The new organization is modeled after Shelly Bell’s Black Girl Ventures (BGV), which helps Black women founders pitch and secure venture capital investments. BGV’s most notable effort is the organization’s pitch competition that allows the crowd to vote for their favorite by investing funds real-time through a digital platform. Duncan reached out to Bell last June to start BMV, and after pulling a team together a month later, the new organization is set to host its first pitch event in April. “When you invest into Black entrepreneurs, then that brings the money to the community or to the people, and then they are able to do different things for their community,” Duncan told the Washington...
Mar 15, 2021
When it comes to the racial wealth gap in the United States, The Balance reports Black wealth is about nine percent of our non-Black counterparts. Although there is no debate on the wide gap, there is a debate on the best solutions we should take in an attempt to close it. According to Black Enterprise , a Florida father’s approach to creating generational wealth was to give his four children an ATM business. William Moxey, surprised his children with QuickBuxNow, an ATM processing and management business. Moxey hopes that by giving his children a business it will teach them the ins and outs of being an entrepreneur plus financial literacy. View this post on Instagram A post shared by MOXEY 🏡 🏧 (@moxamillion) Moxey had dreams of being an entrepreneur since he was 12-years-old and started small businesses early on. “I started off by doing what every other little kid was doing, selling CDs, and that gradually grew into selling T-shirts, sneakers, and stuff like that, but I was kind of...
Apr 22, 2020