Black Demographics is an organization dedicated to African American population data in the United States.
Their data sets provide population, household, economics, education, cultural, and health information related to Black Americans.
The data is a clarion call for justice.
According to the 2017 census, black individual per capita income was $22,175 compared to $32,397 for other groups.
Black owned businesses increased by 34.5% between 2007 and 2012. However, Black owned businesses with paid employees only increased 2.2% during the same period. Black-owned businesses generated $103.5 billion in revenue.
Business Ownership, Real Estate, and Wealth Creation
Business ownership is key to wealth creation. A report titled The State of the Affluent 2014 found that 33% of affluent ($1 million-$5 million), 74.5% of super affluent ($5 million-$25 million), and nearly 90% of ultra-affluent ($25 million+) own a business.
Business ownership and entrepreneurship rates are at historic lows. Between 1978 and 2012, the share of all companies less than one year old dropped by 44%.
Another key to wealth creation is homeownership. Homeownership rates before the financial crisis were at historic highs of 69%, however, dropped to thirty-year lows of 62% post-crisis. Homeownership has since rebounded, but only to a fraction of pre-crisis highs.
Can the economy achieve 100% homeownership and dramatically increase business ownership?
As the economy continues to expand, a way to address wealth inequality is to facilitate more asset ownership by the working and middle classes. This vision of the future is much different than the American dream of one house and one job.
In any case, for the sake of our morality and our system, we must ensure that under-represented communities can own more wealth.