Over the last 30 years, black America has experienced phenomenal growth in both its business leadership class and its actual number of millionaires. These self-employed entrepreneurs and corporate executives have come to be defined by what is now acknowledged as the "New Black Power." As the August 1997 Fortune magazine proclaimed, from Wall Street to Hollywood, a new generation of African-Americans is seizing real power in the world of business. Within the music industry, young hip-hop artists are using hit records as a stepping-stone to business development and ownership. They are ambitious on a scale their predecessors never dared to reach for, and the most savvy members of the generation understand, in no uncertain terms, that money is power. It is this generations’ focus on wealth accumulation that distinguishes them from their predecessors.read more by Mrs. Gibbs >
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Wow! So much...from the mention of how history plays a significant role of why the black community lags far behind our white counterparts when leaving behind a legacy of wealth through philanthropy - to black wealth being diversified amongst various entities to create wealth. As personally being in the non-profit sector for 10 years, we still tend to look at government as being our safety net w/in the black community. I am left after reading this article in its entirety that there is so much left to be learned about philanthropy particularly black philanthropy within our community as a whole but more so, are our black entertainers/millionaire entrepreneurs (athletes, actors, rappers, major business owners etc.) being informed of this necessity. Another thought that I was left with, what are the black institutions: colleges/universities, churches, social groups/organizations such as Urban Leagues & NAACP doing to promote this need - do they need a reform in of themselves. It was just so much in this article where one area could be a focus on the agenda for our community to begin putting action towards. I love reading the part of surrounding ourselves when wealth is had, by mentors to bring us in the field of philanthropy rather than only being surrounded by those we know that keeps us in our “comfort zones”. Thanks for getting this out and I hope others can react not just with commentary but being educated or more informed on the topic of black wealth and philanthropy, which is a start. I know I will - in addition to passing this on to my network!
Nekeisia
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