Dear Readers—The racial wealth gap is a constant and staggering reality for millions of Black Americans—particularly Black businesses. According to a most recent McKinsey study, Black entrepreneurs start businesses with only $35,000 in funding while their white counterparts start with $107,000.
Routes toward sustained economic mobility through entrepreneurship have shifted and changed over time, with the advent of the internet, increased opportunities in entrepreneurship, and a new affinity for being able to work from home. But to further long-term economic growth for Black communities and citizens, strategies for business wealth building must be deliberate.
We’re excited to collaborate with UBS Global Wealth Management over the next few weeks to dive into roadmaps toward Black generational wealth.
In this three-part series, we’ll dive into the urgency of Black wealth advancement, how to scale and transfer wealth, and the social capital necessary to advance generational wealth.
Jonathan Hodge, Financial Advisor, Senior Portfolio Manager and Athlete and Entertainment Consultant at UBS Global Wealth Management, has been leading generational wealth building and preservation strategies for business leaders for more than two decades. He joins us in this series to dive deep in what it will take to help realize generational wealth.
Over the next few weeks as the series unfolds, we’ll also host a live discussion on Black business generational wealth, where you’ll get a chance to hear from leaders like Hodge.
In the work,
Sherrell Dorsey, Founder and CEO