According to the Federal Reserve Bank of St. Louis, despite black wealth increasing at a faster rate than whites in 2016, “blacks still owned less than 10 percent of whites’ wealth”. While some may look at this as a negative, others see the issue as an opportunity. St. Louis children’s book author Rebecca Clark is one of those individuals, and as such, created Be Heard LLC, a company designed to self publish her books, which are geared towards inspiring “black kids to not only read, but also reimagine their futures’.
Fatimah Muhammad is another St Louis entrepreneur who, along with her husband, “bought property in the Hyde Park neighborhood, a once-thriving, small community that roughly borders Interstate 70 to the north and Palm Street to the south”. The goal is to create a coworking and coliving space for burgeoning entrepreneurs. The space will also include a “market, retail space and meeting rooms for community groups, such as the Hyde Park Neighborhood Association, of which Muhammad is vice chair.”
Since the 2008 financial crisis black wealth has been dragged down. “According to Fed statistics, in 2007 the median wealth of blacks was nearly 14 percent that of whites.”Between 1989 and 2016, white families’ median net worth increased slightly. Hispanic and black families’ median net worth more than doubled, but remained much lower than that of white families. Hispanic families in 2016 had 13 percent of the net worth of white families; for black families, 10 percent.”
Creating solutions like the ones mentioned above are great steps in the right direction.