A new qualitative study of 113 millionaires of color found that nearly all had experienced racial or ethnic bias.
“It’s so obvious, but it’s also very profound,” says report co-author Hali Lee, founding partner at Radiant Strategies and a co-founder of the Donors of Color Network. She says the finding demonstrates the ways that racism has affected the lives of millionaires of color — from where they raise their families to the people and causes they support.
The interviews with high-net-worth people of color in the new report, the co-authors say, draw a straight line from the donors’ personal experiences — completing higher education, experiencing racism, and grappling with economic inequality — to their philanthropic priorities. Nonprofits need to understand the obligations self-made millionaires of color have in addition to their charitable goals, says Ashindi Maxton, a co-founder of the Donors of Color Network and a co-author of the report.
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