Have you heard about the $8.4 Trillion racial wealth gap? I have. But I’ve always wanted more data, in a clear and concise format. Well, The Bridgespan Group’s latest study is the clearest I’ve ever seen.

This chart is a big deal. It shows the major drivers of the racial wealth gap in America from largest, Income and Benefits at $3.4 Trillion, to the smallest, lack of access to entrepreneurial ventures at $300 Billion. 

If we know the key drivers, then we can all have a hand in fixing the problem.

We Interviewed the Team

According to Citigroup, the racial wealth gap drags down the American economy to the tune of $16 Trillion over a couple of decades. A solid study like “Boats for a Rising Tide” from a major consultancy that shows the key drivers of the racial wealth gap and calls for active participation in specific solutions is phenomenal. Our hope is that this article echoes throughout major U.S. institutions. In the meantime though, we had to interview the team behind the study.

The Bridgespan Group is a nonprofit strategy consulting group primarily focused on philanthropic and nonprofit clients. Christian Celeste Tate, a manager in the New York office of Bridgespan lead this effort.

Together with Devin Murphy, Zach Slobig, Alina Clarke, and Logan Botts, the Bridgespan team wrote what we consider to be mandatory business intelligence reading this week, “Boats for a Rising Tide: How Philanthropy Can Narrow the Racial Wealth Gap.”

Question: The focus of the article is on Philanthropic organizations. Income and benefits is the largest driver according to your research but which of the 5 investable strategies do you estimate would yield the highest, most practical impact on the racial equity gap if implemented?

If you have 5 problems, then you must have 5 potential solutions. And what we love about “Boats for a Rising Tide: How Philanthropy Can Narrow the Racial Wealth Gap.” is that it does not shy away from a direct call to philanthropic organization to get involved, now.

There are so many ideas and “food for thought” in this article. We organized a list of resources Bridgespan mentioned in their article on our website. For instance, do you own a business or are you thinking about being a business owner? Many owners have problems retiring and selling their business at its true value. Well, Bridgespan laid out ideas for your retirement plan—sell your organization to your employees. On a more corporate side, are you looking for partners to help align your operations in ways that impact the racial wealth gap? Great, check out the resource list! Win-wins that align your work, your passion, and doing good are possible.

On top of these concrete ways you can align your actions to closing the gap, there is also personal volunteerism and in-kind donation choices. Ask the nonprofits you care about if they have programs aligning to close the racial wealth gap.

And we’re here to help and we’ll keep you updated on the latest and most important issues. And so is Bridgespan. Ask if they are on your companies list of consultant advisors for RFPs.

In an article titled “Banks, Law, and Consulting Firms Are Watering Down Their Diversity Recruiting Programs”, Kailyn Rhone reports companies like PricewaterhouseCoopers, JPMorgan Chase, and McKinsey & Co. have altered or removed descriptions of their diversity programs.

Kailyn writes, “Minority students are concerned about what the cutback means for their future in an already tight job market.” She goes on to detail student after student experiencing difficulties and facing even slimmer opportunities.

This move likely aligns with recent anti-Affirmative Action, anti-DEI, anti-Trans, and anti-CRT attacks. The shift follows a far-right "anti-woke" movement targeting U.S. companies and a Supreme Court decision overturning affirmative action in college admissions.

Policy Spotlight Roundup

• Limited English Proficiency (LEP): We’ve been covering how data aggregation has hurt AAPI groups in the past. EPI has a new article that shows the value of disaggregating data and taking a look a specific groups. EPI found that Bhutanese and Burmese individuals have the highest shares of LEP and earn the lowest wages. Read more on EPI.org.

• Lack of Child Care Hinders Small Business Growth: The 19^th is reporting that a third of surveyed small business owners find the lack of affordable, quality childcare hampers their ability to operate and expand. This childcare crisis leads to significant employee retention issues, affecting overall business productivity and growth. Read more on The 19th.

Michelle Diament at Disability Scoop is reporting that Netflix is putting dollars behind an initiative to fund creators with disabilities. It will be a yearlong program that invests $55,000.

The program includes mentorship, community support, access to health insurance, marketing support, and funds for travel and access needs, aiming to help disabled creators reach positions of industry power.  

Read the article titled, “Netflix Backs Effort To Support Filmmakers With Disabilities.”

• Native American Arts Festival: The Native American Arts Festival at Idyllwild Arts Campus celebrates the rich cultural heritage and artistic contributions of Native American communities. The event features traditional music, dance, and art exhibits, offering a unique opportunity to experience and appreciate Native American culture. Read more at Press Enterprise.

• History of Telenovelas: Explore the cultural impact and evolution of telenovelas in Hispanic communities. This deep dive into the history of telenovelas reveals how these popular TV dramas have both shaped and reflected Hispanic cultural narratives. Read more at Luz Media.

In an article titled, “New Native American Woman-Owned Business Opens in Sault Ste. Marie,” Jim LeHocky reports on the grand opening of Jeta Corporation, a distributor of materials from global manufacturers and suppliers. Jeta Corporation, located near Sanderson Field Airport, is a Native American woman-owned company supplying electrical products, safety equipment, tools, and more.

Voices of Empowerment Roundup

• How Journalist Imara Jones is Fighting Anti-Trans Narratives: Often quoted in our newsletter, Imara Jones, the Founder of Translash media, is promoting her new documentary highlighting the plight of trans people starting in the last presidential administration. Her work highlights the power of media in shaping public perception and supporting marginalized communities. Read more at PinkNews.

• Blake Bolden: First Black Woman to Play in National Women's Hockey League: Blake Bolden's journey in the National Women’s Hockey League and her efforts to promote diversity in sports demonstrate the impact of representation and advocacy in traditionally exclusive spaces.  Her message, “You don’t have to feel uncomfortable. You don’t have to feel unwelcome here.” Read more at Black Enterprise.