Legacy-building and generational wealth is now a hot topic in the Black community, a discussion that has been lacking for years. In the past, parents instilled in their children the importance of hard work, education, and good behavior, but the importance of creating generational wealth never came to mind.
But a recent study by Merrill titled “Diverse Viewpoints: Exploring Wealth in the Black/African American Community” found that the past five years have witnessed a 65% increase in the number of wealthy Black/African American households, compared to 53% for the general population.
More Blacks are steadily overcoming the primordial biases and barriers that have held the Black community down for several years and are making tremendous success and ground-breaking achievements in different spheres of life. A day will come when the world will see the emergence of a Black man as the wealthiest man in the world.
The success stories of the black community were bolstered once again with the emergence of 15 Black billionaires in the 2022 Forbes list of world billionaires. One thing in common among them is their resilience and hard work in building different sources of generational wealth and legacy.
Generational wealth is the wealth transferred from one family generation to subsequent generations. It can be valuable assets like real estate, securities, or family business conglomerates.
As the world is becoming aware of the importance of building generational wealth, we look at some of the lucky Black children set to inherit massive wealth from their billionaire parents. (Click Next below to continue).