Bloomberg Philanthropies has launched an interactive database, named the Greenwood Initiative, aimed at addressing systemic underinvestment in Black communities and increasing Black wealth accumulation.
Organizers say they want to help policymakers with investment decisions using historic and present-day data about racial wealth disparities.The database is the latest project by Bloomberg Philanthropies' Greenwood Initiative, a national program focusing on accelerating the pace of wealth accumulation for Black families.
Named after Tulsa's Greenwood District, which destroyed during the 1921 massacre, the initiative wants to address systemic underinvestment in Black communities.From 2011 to 2019, the percentage of Black adults with a Bachelor's degree increased by 30%, yet in the same period, the average net worth for Black families headed by a college grad decreased by 4%, according to theIn recent years, unemployment among Black adults decreased by nearly 20%.
Education loans make up more than half of the debt Black Americans carry, as compared to 29% for Latinos and 26% for white residents."We want to empower those individuals, those organizations are committed to increasing racial wealth equity," Garnesha Ezediaro, who leads Bloomberg Philanthropies' Greenwood Initiative, told Axios."Local data disaggregated by race is one of the hugest gaps in the country.
Black buyers couldn't get the federally backed mortgages that helped launch so many Americans into the middle class, setting them on a path to providing generational wealth.
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