Black History 2016 #BlackWealthMatters

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median net worth

 

It has been said that the future belongs to those that create it. Sitting at the table of a technology business deal where the Americans who created it, the Europeans who had enhanced this technology, Asians who were manufacturing it and the Brazilians who had also added their value to this revolutionary technology and missing from the table was the African presence. This is alarming because the world today looks the way that it was planned 30 years ago by Euro American men who run the world.

At the end of 2015 India hosted an economic development engagement with African countries to increase trade between India and Africa. This was a remarkable achievement for India which itself was once a colony but had risen to the level where it was in a position to sign strategic partnerships with other countries as the initiator and not just the recipient. India was able to follow the path of China and America in efforts to increase their engagement with Africa. It is Africa that seems to still be on the other side of the table in trade negotiations where her raw materials are being utilized to create products in other parts of the world.

Contrary to what Beyoncé says girls do not run the world, women of European ancestry are on their way and so are Brazilian and Asian people black women on the other hand are nowhere near running the world.

The issue is that if Africans are not at the business table then wealth does not trickle down to ordinary people of African ancestry on Main Street. This also means that the wealth of black people is reduced because they are not part of the decision making process, even when you look at black people in America, they are supposed to be wealthiest black people in the world but when you compare black wealth to white wealth the numbers daunting.

The theme this black history month is #BlackWealthMatters.

Economic condition of African Americans in 1950s based on Statistics from US Bureau of Labor Statistics

  • In 1954 (pre- civil rights era) Black unemployment averaged 9.9% while White unemployment was at 5%
  • In 2013 under Obama Administration Black unemployment averaged 12.6% while White unemployment was at 6.6%
  • Highest Black unemployment averaged 19.5% compared to White unemployment at 8.4% under the Reagan era

MLKday003

 

 

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