We Can Hopefully Bring Remedy
Let’s use America as an example. African Americans total 43 million in population of 330 million which makes the demographic about 14%. Nielsen published recently that African American total expenditure for last year reached $1.2 trillion and according to the president of a black owned bank only 2% of that was spent in the black community. If this is not the epitome of self loathing then I don’t know what is.
What a lot of people don’t know is anyone can be rich but wealth is generational, to be classified as wealthy your asset has to be accrued over a period of time, cascading through generations. In other words it has to have history. So how can a community with so much spending power still be the ‘poorest’ race on the planet with no signs in the foreseeable future to be anywhere near wealthy?
The answer to the rhetorical question is simply because blacks don’t invest in their community. I am no financial expert or a buff on this but if you look at it from a common sense perspective you will see that this is unequivocally true.
Let’s take entertainers for example, black music artistes in particular. The first business venture after becoming famous is a clothing line, a black owned clothing line they created to sell to their community. Other than advertisement purposes you will not see these artistes wearing their own brand or any other black brands (hypothetically Sean John) because it is ‘too ghetto’ yet any profits the black artistes make from their ‘ghetto‘ brand go towards buying Gucci suits, Ferragamo belts and Tom Ford loafers which they constantly give free publicity on their songs and videos. Jay Z even did a track he titled Tom Ford in honour of his designer friend when that publicity could have gone to another great designer in his community e.g. Ozwald Boateng in my opinion.
Talking about supporting your community, black top entertainers are rarely seen in black award shows like BET, MOBO and NAACP but they come out in droves when it is the Grammy or Oscars’. There’s nothing wrong in supporting other awards, doing the same for your community will go a long way in an industry that is biased as it is already.
Hair weaves and wigs are a billion dollar industry and 95% of the people spending in this department are black women. They pay ridiculous prices for Brazilian and Indian hair that sometimes go up to $2,000 a hair according to the Good Hair documentary aired a while back, can you imagine the amount of money that will be saved and put to good causes in the community if half of those women just try to appreciate and carry their natural hair a little bit more?
Another fundamental reason why blacks will remain ‘poor’ is because of lack of black owned major businesses. Forbes list a business with 500 or more employee to be a big or major business entity. If you look closely major black business owners are virtually non existent because when they build a brand they sell it once it’s worth a bit, typically not to someone in their demographic or businesses in their community. Jordan, Beats by Dre, BET, Tidal, Rush Cards are just a few examples. The most important parts in creating wealth is ownership, you do the maths.
One United is a black owned bank out in Boston, Massachusetts with few areas served across few cities, there has been alleged claims that One United is not really been supported by their community as much as one would anticipate in comparisons with their competitors.The clip below gives an eye opener to issues that needed to be addressed in the black economic community.
There are many examples all around us and to think that blacks are building enormous wealth in other communities when a fraction of their spending could create thousands of jobs if invested in theirs only says one thing, we are far from being viable.
Please leave a comment to let us know what you think.
Exciting blog, great mixed music content!