In 2015, the Federal Reserve Bank of Boston published its “Color of Wealth in Boston” report detailing the ever-widening racial wealth gap. This report was released against the backdrop of a massive building boom in the city — the third in its 400-year history. Researchers discovered that the median net worth of Black Bostonians was only $8, compared to the $247,500 median net worth of white Bostonians.
This alarming figure prompted almost 1,000 Black residents to fill the Prince Hall auditorium in Dorchester, where the community discussed how best to respond to this crisis.
Following this gathering and other meetings that occurred in its aftermath, several key business leaders formed the Black Economic Council of Massachusetts (BECMA) to build on the momentum and enact tangible solutions to reverse the trend of depreciating Black wealth in the city.
BECMA's founders know that Black businesses are one of the primary drivers of Black wealth and employment. That’s why the organization advocates specifically for the support and sustainment of Black businesses across the Commonwealth.
