Juneteenth National Independence Day commemorates the Emancipation Proclamation, in which President Abraham Lincoln issued the proclamation to free enslaved African Americans in secessionist states on January 1, 1863. It would not be until two years after this proclamation, however, that the last enslaved Black Americans in Galveston, Texas, would learn of their freedom. This holiday reminds us of the delayed freedom granted to Black Americans living in Texas in 1865, paralleling the delay in economic justice and equity for Black Americans in the present day.  

While Juneteenth was historically celebrated by Black Texans, public awareness has grown in the last 150 years. Notably, Opal Lee, the “Grandmother of Juneteenth,”1 inspired a movement through her bold advocacy and vision for collectivism. Public interest in making Juneteenth a federal holiday moved up 10 percentage points to 45 between 2021 and 2022 alone, according to Gallup data. In 2023, at least 28 states and the District of Columbia will observe Juneteenth as a legal, public holiday. 

But the harsh reality of economic disparities between Black and White communities remains critical. 

Even though awareness and acceptance of Juneteenth are on the rise, the harsh reality of economic disparities between Black and White communities remains critical. Regrettably, the economic gap continues to widen, underscoring persisting inequity. While wealth in White communities continues to grow, so too do economic disparities in Black communities.  

The manifestation of the struggles Black Americans face can be traced back for centuries. At its root lies an orchestrated effort to advance and sustain white supremacy. Discriminatory policies like redlining and racially restrictive covenants, for example, have deeply impacted Black American homeownership and stunted wealth building in these communities. The 2020 Survey of Income and Program Participation data showed particularly large gaps in homeownership between White households and Black households. On average, more than two thirds of White households owned the home they lived in. In contrast, just over a third of Black households owned their home. In other words, there is a gap of over 30 percentage points between White and Black homeownership rates. 

While there is still a significant disparity in homeownership rates between White Households and Black households, the good news is that Black households have made great strides towards homeownership over the past 5 years. While homeownership stood at 40.7% for Black households in 2015, it now stands at 44%. 

In the wake of Juneteenth celebrations throughout the nation, we are once more reminded that freedom is an ongoing pursuit of learning from the past while forging new pathways for the future.

As indicated in Prosperity Now’s 2023 Scorecard State Summaries, while net worth across all households increased in the past five years, there has been no significant narrowing of the wealth gap between White households and Black households: though median net worth for White households grew by almost $80,000, Black net worth only grew by $6,000.  Due to lower net worth growth for Black households, the existing wealth gap grew even bigger. The Black-White wealth gap grew from $124,000 in 2015 to $154,000 in 2018 to $196,000 in 2020.   

In 2020, the median White household had $215,000 in wealth holdings compared to just $19,000 for the median Black household. Put differently, White households held 11 times more wealth than Black households.   

Even though Black Americans’ education, homeownership, and income levels have improved over time, the Black-White racial wealth divide continues to widen. The data highlights that financial prosperity has been a slow, uphill process for Black Americans.  

In the wake of Juneteenth celebrations throughout the nation, we are once more reminded that freedom is an ongoing pursuit of learning from the past while forging new pathways for the future. Only structural economic change will be sufficient to address economic racial inequality that is embedded in our history. This Juneteenth, it is important that we commit ourselves to closing the racial wealth divide by focusing on wealth-building policies that work to eradicate economic racial inequality and uplifting stories of resistance, courage, and power-building.