Understanding the Racial Wealth Gap and Building Up Black Generational Wealth

By Peter SM RSS Tue, February 18, 2020

During Black History Month, the Mayor’s Office of Black Male Engagement (OBME) is hosting a series on Black Generational Wealth, in partnership with the Philadelphia Department of Commerce and the Office of Economic Opportunity (OEO). These weekly economic empowerment events being held throughout February will aim to supply the tools and resources necessary to obtain and maintain generational wealth--

But before we can discuss generational wealth, we first need to understand the racial wealth gap...

Annual reports released by the Federal Reserve show that since 1989, the top 1 percent of the world has captured $21 trillion in wealth, while the bottom 50 percent lost $900 billion. Most of the African American community are in the lower half of the hierarchy.

This series will feature events covering topics like financial literacy, engaging City resources and initiatives, entrepreneurship, and transferring wealth. The seminars will feature professional panelists and speakers with a wealth of experience and insight, including successful Black business owners and financial experts in Philadelphia.

The Free Library will also be hosting a Conversation About Black Wealth on Saturday, February 22 at Lillian Marrero Library, starting at 2:00 p.m. Topics of discussion will include past, present,  and future black wealth, and what strategies can be implemented to cultivate and sustain wealth.

You can also find additional financial resources and information through our Digital Learning Portal and catalog.


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My primary purpose for being there at the library is to receive legal assistance with starting a college. scholarship perpetuity fund that is to be named the Harriet Tubman College Scholarship Perpetuity Fund. It will be used to help, financially, send students to Historically Black Colleges and Universities. As a perpetuity fund it's principal amount will never be depleted as it earns funds from thesecurities markets, especially mutual funds. To allow us to actualize this deam I need a lawyer who can set up the legal papers that will allow this fund to live forever as it builds wealth. I will start it with seven thousand five hundred dollars. From there it will grow by earning interest. Once it reaches one hundred thousand dollars further interest earnings will become mostly education support for students who want to attend a Historically Black College or U niversity. Some of the earned funds will go towards helping the fund to grow. My name is Olaniyan Adefumi and I want to talk to some styorneys the ho can help me start the weslth growth thing.
Olaniyan Adefumi - Philadelphia
Tuesday, February 18, 2020

Please try to contact attorney Daniel Tann, Esq. at 215-670-0066.
Jacqueline Wiggins - Philadelphia
Wednesday, February 19, 2020