Under this year’s theme of Creating a Culture of Accountability, the third annual Black Wealth Summit (BWS) convened in Prince George’s County, Maryland in October. The goal: “Every Black person should have access to the knowledge to build and preserve real generational wealth,” per the organization’s website.
Founded by Black entrepreneur and investor Cedric Nash, the conference featured a speaking roster full of heavy hitters, including Maryland Governor Wes Moore, actor Morris Chestnut, and Global Chief Economist for Morgan Stanley, Seth Carpenter.
As Nash says, “The overwhelming majority of wealth in America (84 percent) is in the hands of White households,” says Nash.
“Black households own an estimated four percent of wealth in the country,” Nash continued. But he firmly believes that “Black Americans can build wealth in spite of the odds. You can create your own wealth journey, even if you’re starting from the bottom using a systematic and specific approach that is short on empty promises and long on techniques.”
“By taking what you have, earn considerably more, building up your investment capital, and making what I call ‘Millionaire Money Moves’ to accumulate appreciating assets that generate income and wealth, you will set the foundation for genuine generational wealth that you and your loved ones can continue building upon for years to come,” Nash added.
Alexander K. Austin decided to attend after learning about the event. “I came here to learn…This is a very pivotal moment in our community. I could not miss a summit where people of color are discussing Black wealth and possibly exploring a partnership in the future,” 44-year-old Austin recounted to the Washington Informer.
And Austin wasn’t alone. The 2023 conference boasted record numbers, with 1,000 attendees, in comparison to the 600 from last year. According to the Financial Times, “[t]he summit was offered in a hybrid format; about 800 registered in person while around 260 registered online.”
One hundred conference-goers also received “free one-on-one financial coaching sessions” from Morgan Stanley, one of the event sponsors.
Priscilla Brown, a Black woman, is the CEO and president of Amalgamated Bank. Brown delivered a fireside chat at the BWS, and discussed what it means to be Black and build wealth from within your own community. Brown explained that it’s about “very early on, recognizing that your needs are more important than your wants. That you have an obligation to yourself and to your family to save, you have an obligation to yourself and to your family to invest.”
Gov. Moore also echoed this narrative during his remarks, saying “If we are not talking about wealth, I don’t know what we are talking about.” “This is one of the main reasons I ran for governor. I am interested in closing the racial wealth gap in Maryland,” said Moore, offering further encouragement to attendees to “pass something off to our children, grandchildren and great-grandchildren.”