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Racial Wealth Gap

Recent findings from the Federal Reserve Bank of St. Louis have highlighted a wealth gap in the tech industry, particularly impacting never-married Black and Hispanic women.  The research focused on the 23% of adults who have never been married, stripping away any outside sources of wealth that could come from being divorced or widowed. Never-Married Black And Hispanic Women Are Worse Off In that group, alarmingly, never-married Black women have just 8 cents for every dollar that white men have, amounting to a median wealth of only $3,300 as of 2022.  Never-married

Black-owned businesses can help close the racial wealth gap in the United States, a report has found. The “Gather Against the Gap” report marked a significant step towards addressing the racial wealth gap that critically impacts Black Americans.  The Racial Wealth Gap The data found a $10 trillion racial wealth gap in the United States. The gap was illustrated by the median wealth of Black households at $20,000, in contrast to $180,000 for white households.  This wealth disparity, coupled with an employment and income gap, significantly hinders the economic progress

Implementing artificial intelligence (AI) in the workplace could widen the racial wealth gap between Black and white households in the US by $43 billion, research has suggested. McKinsey & Co. stated that generative AI (gen AI) has initiated a seismic shift in work and value creation. When this happens, and a new technology appears, it can create or exacerbate divides, including the racial wealth gap. They explored how many gen AI may affect Black communities and Black workers. A Divide In Black And White Households The research found that new

Paul Graham, a founder of Y Combinator, recently tweeted a graphic showing median household income in the US by ethnic group which has reignited discussions about race and income inequality in the US. The graphic, originally shared by @indiainpixels in 2020, is reportedly based on US Census Bureau 2013-15 data. The chart reveals that Indian, Filipino, and Taiwanese Americans had the highest median incomes, while Hispanic/Latino and African Americans had the lowest. Additionally, the chart shows that Indian, Korean, Chinese, Filipino, and Japanese Americans are more likely to have a Bachelor’s

Since its launch in 2021, Stackwell Capital has worked hard to eliminate the racial wealth gap, and the launch of its new Robo-investing app is a testament to this.  The app which has launched yesterday and is currently available for download in the App Store. The program, intentionally designed for the Black community, has given users endless opportunities to enhance their knowledge of the financial market.  New data has revealed that white households hold eight times more wealth than Black households. Additionally, only 34% of Black households invest in the stock compared to white

Binga founded the Binga State bank in 1908 in Chicago and it was one of two pre-eminent Black-owned financial institutions in the US until its collapse during the Great Depression. Born in Detroit in 1865, Binga established himself in Chicago first as a real estate broker during the Great Migration. He was able to buy homes at a cheap price from white locals fleeing their neighborhoods in the wake of Black Americans moving in from the South. After buying the homes – he was able to fix them up himself and