Basketball star Jaylen Brown recently announced the creation of a new nonprofit dedicated to building generational wealth amongst Black Bostonians.
Brown, who plays as a guard for the Boston Celtics, began the nonprofit Boston Xchange to help build a version of Black Wall Street in Boston. Through their work, the initiative will work to bring nearly $5 billion in generation wealth to Black neighborhoods in the city.
With the launch of Boston XChange, the nonprofit’s first program was also announced. Created in partnership with Boston Celtics teammate Jrue Holiday and Olympic gold medalist Lauren Holiday, the Boston Creator Incubator + Accelerator program will sponsor ten budding entrepreneurs in the neighborhood, supporting initiatives in entertainment, fashion, the arts and design.
Approximately $250,000 will be dedicated as investments; grant recipients will also be coached and mentored. Through financial aid, the program will encourage the building and intersection of wealth and culture.
“I think through my platform, through influential partners, through selective leaders, government officials, a lot of them are in this room, that we can come together and create new jobs, new resources, new businesses, new ideas that can highlight minorities, but also stimulate the economy and the wealth gap at the same time,” said Brown per Sports Illustrated.
Although data on the subject is limited, previous studies have highlighted significant disparities in the racial wealth gap in Boston.
In a 2015 “The Color of Wealth” report, the median net worth of white families was found to be $247,500. In comparison, the median net worth of Black families was found to be just $8. Contributing to this lower median net worth is a higher cost of living for Black Bostonians.
Per the Boston Foundation, before the COVID-19 pandemic, over 25% of Black and Hispanic families in the Greater Boston area had to spend at least half or more of their income on rental payments; in comparison, only 20% of white families had the same issue.
As of now, in all of Massachusett, there’s nearly a billion-dollar racial wealth gap. Through his latest initiative, Brown is aiming to do his part in reducing this gap.
“One of our goals is to identify gaps and amplify the incredible work that’s already taken place,” said Brown per the Boston Globe. “We have been building resources for more than a year, but BXC is just getting started, and we can’t do it alone.”
