Atlanta Wealth Building Initiative Releases Landmark Report on Building a Beloved Economy for Black Communities in Atlanta

FOR IMMEDIATE RELEASE 
Nov. 1, 2023 
Contact: media@atlantawealthbuilding.org 

The report ‘Building a Beloved Economy: A Baseline and Framework for Building Black Wealth in Atlanta’ proposes a new framework for understanding and confronting the massive racial wealth divide and its impact on Black Atlantans.  

ATLANTA — Today, the Atlanta Wealth Building Initiative released its landmark report, “Building a Beloved Economy: A Baseline and Framework for Building Black Wealth in Atlanta,” at its inaugural policy luncheon forum, Beloved Economies: Shaping Policy to Build Black Wealth. The report, exclusively covered by Nonprofit Quarterly, proposes a new framework for understanding and confronting the massive racial wealth divide and its impact on Black Atlantans. The report also provides an overview of the state of Black wealth, poverty, income, debt, access to capital, housing, business ownership, and jobs in Atlanta. 

“This landmark report is a monumental step toward understanding how we can best build a beloved economy for Black Atlantans,” said Atlanta Wealth Building Initiative Vice President of Research and Policy Dr. Alex Camardelle, who co-authored the report. “Black Atlantans have been persistently hindered by systemic barriers and are overdue in being able to build their wealth. We’re excited to provide this new framework that can be used by community organizers, researchers, policymakers, practitioners, investors, and others to advance race-conscious solutions that seek to build Black wealth.”  

“For this report, it was imperative that we not only centered the outcomes of Black communities but consulted with and deeply listened to Black Atlantans to understand the myriad impacts on their lives,” said Atlanta Wealth Building Initiative Senior Research Associate Jarryd Bethea, who co-authored the report. “For many Black residents in Atlanta, wealth doesn’t just mean a abundance of assets — but freedom. By identifying the structural determinants of Black wealth, we were able to pinpoint the ways we can build a beloved economy toward the full freedom of Black people in Atlanta and beyond.” 

Key findings from the report include:  

  • In the City of Atlanta alone, the wealth of white households ($238,355) is 46 times more than that of Black households ($5,180). This is far worse than the national wealth divide picture. Nationally, the median wealth for white households ($188,200) is eight times more than it is for Black households ($24,000). 

  • Since 2018, the Black population in Atlanta was 52 percent. Today, the population reflects a steady decline to 48 percent. The decrease in the Black population of Atlanta reflects a reversal of historical trends, which indicates that the market pressures and policy environment are making it increasingly difficult for Black families to live in the city. 

  • More than one in three Black households in Atlanta have zero net worth. Put another way, 36 percent of Atlanta’s Black households have zero or negative wealth. 

  • Half (50 percent) of Black households in Atlanta are asset poor, meaning that a loss of income would cause significant financial distress. 

  • While Black Atlantans make up just under half of the city’s overall population, they comprise almost three-quarters of the city’s population living below the federal poverty line (72.8 percent). 

  • White-headed households have three times the median income of Black-headed households in the City of Atlanta. 

  • College-educated Black people have less wealth than white adults with no high school diploma. 

  • The average student loan balances in Atlanta are consistently higher in majority-Black zip codes. 

  • Atlanta residents of color are more likely to have medical debt and credit card debt in collections. 

  • While a third of Atlanta area businesses are Black-owned, 97 percent of them have no employees. 

  • Atlanta’s Black workers are disproportionately represented in the city’s low-paying industries. 

Recommendations for a Black community wealth building strategy include: 

  • Address the mass incarceration and overpolicing of Black Atlantans. 

  • Prioritize full democratic participation in processes that determine economic outcomes across the city. 

  • Eliminate disparities in access to investment assets and address racial disparities cemented by the tax code. 

  • Take action to reduce greenhouse gas emissions and to pursue policies that mitigate the effects of extreme heat, natural disasters, and the financial stress these events cause. 

  • Support local efforts to launch a baby bonds program. 

  • Establish a publicly-funded guaranteed income program. 

  • Establish community accountability for strict enforcement of the Community Reinvestment Act (CRA). 

  • Provide free access to checking accounts at trusted banks. 

  • Establish a city-led initiative to address predatory lending. 

  • Eliminate the use of wealth-based punishment through fines, fees, and cash bail. 

  • Increase transparency in procurement outcomes for Black-owned businesses in the City. 

  • Strengthen affordable commercial space opportunities in the City. 

  • Invest in employee ownership. 

  • Launch an Atlanta delegation and campaign committed to repealing state preemption. 

  • Use public dollars to hold companies accountable for the creation of asset-building jobs. 

  • Prioritize inclusionary zoning regulations with a racial equity lens. 

  • Invest in community land trusts. 

  • Commit to more deeply affordable housing goals. 

  • Expand housing affordability strategies to include a complementary approach to promote economic mobility. 

  • Commit to opportunities for Black-owned businesses in infrastructure spending. 
    Codify a commitment to reparations. 

  • Establish the Office of Community Wealth Building. 

Read the report here. 

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