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.