by Lurie Daniel Favors, Esq.
Wealth and Debt in Black Communities:
“If current economic trends continue, the average [B]lack household will need 228 years to accumulate as much wealth as their [W]hite counterparts hold today.” Joshua Holland, The Nation Magazine
When economist, author and former President of Bennett College, Dr. Julianne Malveaux, appeared in CNN’s documentary Black in America: Almighty Debt, she noted that personal and community wealth are based on cross-generational accumulation. Which means your personal and community wealth are supposed to grow when passed down from one generation to the next. According to Professor Steven Rogers:
Inter-generational wealth is “the monster wealth that started three, four, five of more generations ago and has been multiplying ever since; the kind of wealth that could, if the market conditions were right, start a retail chain, or buy swaths of real estate in the hottest market and develop a commercial residential complex or three.”