Despite Historic Progress, Systemic Barriers Continue to Shape Black Wealth in America
Generational wealth is defined as something of great value that is passed down through different generations within a familial line. Over the course of society and culture, things of great value have been in the form of real estate, businesses, assets, and access to opportunities.
These forms have influenced many of the cultural and societal occurrences throughout history, especially African American history. Slavery, Reconstruction, Jim Crow Civil Rights, Black Power, The Rise of Black Middle Class; all of these historical epics are rooted and influenced by dynamics of generational wealth.
Writer Stephanie Gadin, in her 2025 article for the Chicago Crusader, “The Systemic Plundering of Black Wealth Continues”, writes,
“Despite some gains in assets, homeownership and investments, African American families continue to lag far behind their white counterparts…the lack of wealth retention among Black families has little to do with individual choices, poor savings and investment strategies, or a lack of effort…in addition to historical and systemic political and social policies that aid inequality, financial deregulation, U.S. trade and tax policies that disproportionately benefit the wealthy, and declining labor protections for middle – to lower-income workers has exacerbated the issue…Hundreds of books by new writers and those of the past document the reasons why. They agree that the U.S. has yet to end policies and practices that hinder and plunder Black wealth.”
Lagging Behind in Financial Wealth
After all that has been gained and hard earned by the Black community, such as influence in various capacities within education, politics, business, science, and the arts, the Black community is behind in terms of financial wealth. At the same time, perpetuated and systemic racism practices that are embedded in financial and economic systems continue to keep members of the Black community out of a financial bracket.
Defining on Our Own Terms
Is this the only definition of generational wealth? Are mere things such as real estate, businesses, assets, and access to opportunities the only means for measuring wealth? The answer to that may be unknown but perhaps soon attempts will be seen towards answering it. Success is defined in the eyes of the beholder. Everyone has their own definition and values surrounding success and the Black community is no different. Members of the Black community across various generations each are defining success and generational wealth on their own terms.
Furthermore, if more avenues of income have been obtained, then shouldn’t more avenues toward rethinking what generational wealth exist as well?
