As part of our Economic Equity practice, Redstone supported The Asset Funders Network and The Rockefeller Foundation to create a short brief, highlighting four promising avenues for how philanthropy can work with mayors to close the racial wealth gap.
The 2021 Menino Survey of Mayors shows that 67% of local leaders are worried about the racial wealth gap in their cities. In 2019, the typical White family had 8x the wealth of the typical Black family and 5x the wealth of the typical Latino/a family.
Philanthropy can take a unique role working with mayors as a catalytic funder and crosscutting convener to elevate local solutions and drive equitable economic growth.
Four Promising Avenues
- Capitalize on unprecedented private sector interest and public funding to eliminate inequities for Black and Latino/a small businesses.
- Increase working families’ financial income and assets – the foundations of all other wealth building efforts.
- Get community-building assets into the community’s hands.
- Build better data.
Do you have any questions about the report’s background, content, or implications for your own work? Please reach out. We’d love to help.