Did you know that Atlanta ranks as the worst city for income inequality in the United States? Yes, you read that correctly: the WORST!
A new report on income inequality in the United States reports that Atlanta has the highest income gap between rich and poor than any other city, with about 18% of households in Atlanta earning $150,000 a year or more, and 9.3% of households earning less than $10,000. Yet, in October of 2017, there were 371,524 minority-owned businesses in the State of Georgia. Crazy, right?
Did you also know that business ownership is the greatest equalizer in wealth disparity? Studies have found that the gap in average wealth between all race groups decreases from a multiplier of 13 to 3 when you compare the wealth of business owners by race. Most minority-owned businesses are small businesses, with fewer than five employees. These small businesses represent more than 90 percent of all the businesses in this country. If minority-owned firms were able to employ the same number of people that all privately-held firms employ on average ( approximately 11 people versus the current 9) almost 600,000 new jobs would be created and $55 billion would be added to the U.S. economy!