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Blacks in Business

In: Business and Management

Submitted By chrislovik
Words 1505
Pages 7
Blacks in Business/ Black billionaires
The Declaration on the Elimination of Discrimination against Women was adopted by the general assembly in 1967, and was a huge step towards equal rights for women. In the same time period, Martin Luther King was assassinated and the black civil rights movement placed strong roots in the streets of America. When Forbes 400 first came out in 1982, there were only 12 billionaires on the list that year, none of them neither women nor blacks. The most current list (2013) of the world’s billionaires contains 1.426 names. Seven of these are black, a number that equals 0.49 percent of the total number. On the other hand, the number of women on the same list is 138, which equals 9,68 percent. So, for the last 50 years the two groups reached a very different outcome.
Although there are several possibilities for why blacks are a minority in the one- percent group of the financial world, racism itself is the root of this worldwide problem.
However, these numbers show us the elite of the world’s business people. To get a better understanding of the real differences between black and white businessmen we have to investigate the first steps towards entrepreneurships and the factors that come to play regarding racial differences. In the United States there is a big gap in the success-rate between black and white-owned businesses. This is a major concern for blacks in business because a sole proprietorship has historically been a method for economic improvement for discriminated groups. For example, the Chinese immigration and their ownership in small business like Laundry service gave them a higher success rate compared to regular immigrant workers. In fact, the success of Chinese-owned business was so severe that it led to the Chinese exclusion Act in 1982(see Chinese immigration). Furthermore, this gap contains more variables than solely...

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