Honor Juneteenth by closing racial wealth gaps | Opinion
Regardless of talent or determination, the people least likely to advance in our economy or build generational wealth are people of color. Because having wealth makes it easier to become wealthier, Black people and people of color contend with a vicious cycle of low wealth.
Starting a business requires a loan or other start-up funds, and most people use the value of their home as collateral. But Black people were systematically excluded from the housing market through policies known as redlining, and Black neighborhoods. Entrepreneurs also rely on friends and family for start-up funding, which gives wealthier white people a leg up in building a business.
Business ownership is a proven path to wealth building for all, but it is especially crucial for Black people, as the median net worth for Black business owners isthan those that do not own a business. The organization I lead, Living Cities, is working with prominent foundations and financial institutions around the country to design localized strategies to close racial gaps and shift the narratives on how we think about wealth, freedom and self-determination in this country.
Racial wealth gaps are not a problem just for Black people. American society will not thrive without affording all its people the opportunity to thrive. Disparities cost us all — the Citibank Foundation reported that we lost out onOn this Juneteenth, let us celebrate how far we have come, as we strive to expand economic opportunity and remove barriers for all Americans to thrive and build wealth. Such wealth offers freedom from hunger, need and shelter.
Joe Scantlebury is the president and CEO of Living Cities in New York City. He wrote this column for The Dallas Morning News.
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