Black Families Give More Than Some Think

credit: From Wikimedia

Singletary, author of 'The Color of Money', claims that black individuals contribute more than other ethnicities.

According to a study by the Kellogg Foundation, black households donate 25% more of their income than white ones. While the typical White guy makes $2.7 million in his lifetime, the average Black man only earns $1.8 million, according to a research by Urban Institute. A lot of our ancestors were slaves at one point or another, and some of the riches myths originate from that time period. According to the Urban Institute, white charity accounted for just 2% of median wealth in 2010, whereas black philanthropy accounted for 60%.

In succeeding years, the percentage of Black donors ranged from 11 percent in 2013 to 8 percent in 2016. Many prominent African-American benefactors, such as Vista Equity Partners CEO Robert Smith, have made significant contributions. He formed the Southern Communities Initiative with PayPal CEO Dan Schulman and BCG CEO Rich Lesser in 2021.

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