There is so much emphasis placed on the disadvantages and struggles in the African-American community, that it has been nearly impossible for many to create the mindset needed to transcend those socioeconomic barriers. But it’s in remembrance of strength and truth, that the path to transformation can be found.
Few know that:
- Black households in the United States earning $200,000 or more are the fastest growing income group in the country
- Black buying power in the U.S. is over $1 trillion
- Black women are the fastest growing group of entrepreneurs in the country.
The Black economy really began in 1864, when President Abraham Lincoln created the Freedman’s Bank for newly freed slaves to build and learn about wealth. By 1874, those slaves and Black war veterans had amassed nearly $60 million. Those deposits, which would have been about $7 trillion dollars in the Black community today, was stolen from them to build the Treasury Annex building.
Devastating historical events like the Freedman’s Bank, as well as practices like red-lining – which made it illegal for Blacks to buy real estate – the destruction of Black Wall Street, and modern day practices like predatory lending, and it’s easy to see how the history of Black wealth in America is surprising, inspiring, and a story that must be told as part of our mainstream education efforts.
The story of Black wealth in America serves as a reminder to all that we are built with forces in us like resilience that are far more powerful that the limitations of circumstances and our minds. Support our crowdfunding campaign on iFundWomen, and make a difference with us.