Why is Economic Empowerment Important in the African American Community?
Centuries of systematic exploitation, discrimination, and theft have denied Black people their fair share of the American dream. Being perpetually locked out of the growth and opportunity of the world’s number one economy has created a staggering racial wealth gap. Currently, the 400 wealthiest Americans are worth more than all 10 million Black households combined. Even more alarming is a recent study by Prosperity Now which finds that African American net worth is on the road to being $0 by 2053, if current trends continue.
At the National Black Empowerment Council we know these disparities are not only unjust, they are unsustainable. The African American community and American competitiveness in general are both adversely impacted by the consequences of economic inequality. It is imperative we correct this course. Therefore, our aim at NBEC is to increase African American financial literacy, empower entrepreneurs, and elevate Black leaders into corporate governance. Additionally, we will work with industries, institutions, and strategic partners who are committed to equity for African Americans, and are looking for counsel on how best to do so.