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Closing the Racial Wealth Gap Initiative
BackgroundWealth, more than income, protects families from inevitable hardships and enables them to take the risks that lead to greater economic opportunities. In 2005 alone, the United States invested over $367 billion to support asset building, in line with a rich history of wealth-building policies and programs, from the Homestead Act to the G.I. Bill to Social Security. But these and many other asset-building policies have excluded people of color, in either the way they were written or the way they have been implemented. In addition, very little of the research, policy, and program decision-making in the asset field has incorporated the knowledge and perspectives of experts of color. As a result, even when comparing the median net worth (value of all assets less debts) of people with higher incomes, people of color still only have 15 cents for every dollar of white median net worth.
To address these issues, the Insight Center and the Ford Foundation hosted two meetings of experts of color between 2004 and 2005, bringing together some of the leading minds on asset building from African American, Latino, Asian American, Pacific Islander, Native Hawaiian, and Native American communities. These groups shared their work, conferred about the influence of culture on the field, discussed common challenges, and learned about the diverse practices that make up asset building.
From these meetings emerged the importance of primarily focusing on the racial wealth gap, resulting in the 2006 convening of experts of color. After that convening, the Insight Center formed seven working groups to identify the root causes of racial wealth gaps in particular asset areas, and crafted recommendations to close the racial wealth gap. In 2007, Insight Center convened over 180 leaders from across the country at the Ford Foundation. The 2007 convening offered a forum for policy analysts, researchers, policy makers, direct service providers, organizations, funders, and members of the private sector to explore strategies for addressing the racial wealth gap, to amplify the voice of people of color in the asset building field, and to foster partnerships to carry out the work.
The 2007 Convening resulted in a deeper understanding of the racial wealth gap issue including the roots of the issue and central tenets for addressing it, and recommendations on how to close the racial wealth gap, including strategies for policy development, communications, evaluation and an inter-disciplinary approach.
Moving Forward
We are continuing this important work with our colleagues by conducting research that will move this effort forward, organizing working groups and holding convenings, conducting webinars, providing a clearinghouse that will publicize the asset-building work of of experts of color, and building and maintinaing a listserv with critical information about the racial wealth gap. Additionally, the Insight Center is partnering with key stakeholders to lay the foundation for building public and political will by:
- Developing and refining a public policy agenda
- Creating a grassroots engagement plan
- Developing a media and communication strategy
To view the presentations from these convenings, please click on the links below.
- 2007 Convening Proceedings Paper - Closing the Racial Wealth Gap, PDF
- Presentations from the 2005 Convening - Diverse Voices on Asset Building, Tuskegee, Ala.
- Presentations from the 2004 Convening - Diverse Voices on Asset Building, Tuskegee, Ala
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