Black Wealth: A Growing Force to be Reckoned With

The New Faces of Wealth

(Image: File)

If you believe what you see and hear in the media about the state of black wealth in the United States you will likely feel a sense of hopelessness. There is endless reporting on issues such as the income gap or the fact that household wealth among blacks is only a fraction of that of whites.

[Related: Financial Literacy Month: Congresswoman Maxine Waters Takes On the Wealth Gap]

If you take a look at what’s going on inside of those numbers, however, some of your hopelessness may begin to fade. Within a history filled with economic disadvantage and the lack of a socioeconomically level playing field, has emerged an economic force to be reckoned with. According to Nielsen research, black households earning more than $75,000 are the fastest growing income group in the country. The study also finds that blacks understand the power of the moment. We read financial publications 28% more than other consumers.

Prudential and Black Enterprise are committed to bringing the black community the resources it needs to create and build wealth. In the coming months, we will be sharing information and guidance, on everything from getting out of student loan debt, and investing in your future, to creating the psychological and emotional resources needed to deal with the complicated nature of money.

In addition, the diversity in the black community reflects the diverse cultures that define the United States—a tapestry weaved with heritage from many parts of the world. Different groups bring different beliefs and behaviors around money that can benefit us all. We look forward to sharing insights, wisdom, and stories from the many flavors of black in this country so that we can learn from each other and live richer lives.

The world is undergoing unprecedented change and redefining its relationship with race.  We aim to redefine the conversation around blacks and wealth, as well as change the story line from one of lack, to one that reflects what’s really taking place in much of the black community.

The new face of wealth in the United States is strong and ready to live out the grandest vision of who it can be. We look forward to going on this journey with you. Visit us frequently and share your stories.   Follow me on Twitter: @stisdale1