Color of Money: Four myths about black wealth
Wills said his great-great uncle John Drew had to hire a white broker to perform stock trades.
Myth No. 4: Blacks don't invest.
Blacks may not have as much money in the stock market as whites, but they have had a rich history of investing. Their investment of choice has been real estate.
Real estate played a huge role in minting the fortunes of the black businesswomen and men featured in the book.
"Since Reconstruction, black people have, on average, invested a larger percentage of their net worth in real estate than any other group," Wills points out.
There's a good reason real estate was preferred.
For African-Americans, owning land -- after toiling tirelessly over it as slaves and then as sharecroppers -- was, and still is, a symbol of their liberation, he writes.
This book about black economic empowerment is a fascinating read of fortunes gained and lost.
I'm hosting an online discussion about "Black Fortunes" noon Eastern time on Feb. 22 at washingtonpost.com/discussions. Wills plans to join me to answer your questions. Please join us.
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