We seek to reduce the racial wealth gap by supporting and activating partners that are making strides toward financial inclusion and equity for the Black community.
Black Americans have disproportionately less access to the five primary drivers of wealth generation: homeownership, employment/income, finance, inheritance and education. In 2019, the typical white family had eight times the wealth of the typical Black family. While Black Americans make up 13 percent of the nation's population, they only account for 4 percent of the nation's wealth. From February to April 2020, there was a 41 percent drop in Black-owned businesses, in comparison to 17 percent of white-owned businesses.
We are still shaping our philanthropic approach in this space, but are exploring ways we can advance individual wealth and entrepreneurial success in the Black community. We hope to have a more refined strategy by Fall 2021.
By gaining a better understanding of the underlying systems that contribute to the racial wealth gap, the center is expanding the social impact of the finance shared value network (SVN), which is focused on improving economic conditions in local communities, building upon existing supplier inclusion commitments and empowering associates. The center is activating community-led programs, research, tools and proven models that are making strides toward financial inclusion.
A $1.5 million grant from the Walmart Foundation went to Echoing Green's Racial Equity Philanthropic Fund to support social entrepreneurs in communities across the U.S. as they grow their organizations and advance their work to address issues related to racial equity.