The average white household in the U.S. earns nearly twice as much as Black and Latino households, holding 86.8% of our nation’s wealth, according to Federal Reserve data.
Home and business ownerships, cash reserves, stock holdings, residential property values and retirement savings are all lower for Black and Latino Americans. These and other long-standing economic disparities are collectively known as the racial wealth gap, one that has widened over the past three decades, according to statistics presented in a McKinsey Institute for Black Economic Mobility report.
Many individuals and the organizations they lead are employing a multitude of strategies to address the racial wealth gap. These five leaders share an inspiring, selfless commitment to helping Black and Latino Americans amass financial literacy and generational wealth, and are working to uplift entrepreneurs of color and ensure the sustainability of small businesses in their communities.
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