I am honored to have this incredible job as the president and CEO of United Way of King County, a region where I was born and where I’ve lived almost my entire life. Yet as I reflect on what it means to serve our community in this capacity, I am both amazed and concerned at our region’s wealth disparity, the increasing gap between the haves and have-nots

It is disheartening to know that in our state, one whose commitment to progressive values in the 2024 General Election balloting has made us an inspiration for some and perhaps a target for others, some folks need to be convinced of the importance of spreading wealth.

The “haves” in our region have enjoyed financial well-being because they own a home or a business (or both) and, therefore, have the means of wealth building passed down from generation to generation, which enables families to virtually guarantee that they and their posterity will thrive and prosper.

When I consider the importance of home and business ownership to stability and the blessing of wealth that can be passed on to the next generation, I believe it is one of the greatest indicators of economic disparity in our region.

Why does our data show that White households’ incomes in King County averaged $120,000 while Black households averaged $65,000? Because in our county, 62% of White families are homeowners, while only 28% of Black Families are.

It is also one of the primary reasons why, according to Communities Count data, the top 20 percent of income earners in King County make 19 times more total income than the bottom 20 percent.

These disparities are not incidental; they are the product of years of policies that have kept certain people from building wealth through our nation’s most traditional means—owning a home to build equity and launching businesses to build capital.

We know that homeownership is not only the primary driver of generational wealth in our nation but also creates emotional security for families and economic stability for communities.

The disparity between those who have benefited from homeownership and those who have not has created a wealth gap in our area that is strikingly visible.

Drive around King County at a time when few people are outside, and you can tell which neighborhoods are predominantly Black or predominantly White, where wealth stays in the community and where wealth bypasses it, where basic needs are being met and where people need to leave their neighborhoods to acquire them.

Our wealth gaps have helped make King County a place where people who live within blocks of one another live very different lives and tell contrasting stories about socioeconomic status, financial well-being, and quality and longevity of life.

How is this acceptable in the Puget Sound region, where values are rooted in inclusion and equity?

We at United Way of King County see addressing that inequity as our call to action, and the cornerstone of our next big initiative: The Bridging the Wealth Gap campaign.

Through this campaign, we aim to raise $30 million in five years to unlock $100 million in capital and ensure that families the furthest from opportunity can own homes and businesses.

The Bridging the Wealth Gap Campaign will include the Puget Sound Investment Guarantee Pool: A financial tool to unlock fair lending for families and entrepreneurs. It will incentivize access to capital to help families buy their first home and entrepreneurs start businesses.

 We aim to launch or grow 800 small businesses, enable more than 200 households to buy their first homes, and create or retain 1,600 jobs, by leveraging more than $100 million in loan capital.

The campaign will also include Ecosystem Support Grants that will empower community organizations to provide essential services like mortgage counseling, credit repair, down payment assistance, and business development support to help people rapidly build wealth.

These organizations will help bridge the gaps that may prevent families and small business owners from succeeding, offering technical and financial guidance that is often missing in underserved communities.

This will be one of the most important bridges in our county’s history, one that will allow every household, every family, every community to enjoy all the wealth, resources, services and opportunities that our region has to offer. We aim to bridge the wealth gap for those who have been historically marginalized from this area’s economic boom, namely those who are living on low-to-middle incomes.

We see this as a movement to accelerate economic mobility through increased home ownership and successful small business startups. This is critical to the future economic wellbeing of the Puget Sound.

I am so excited that at United Way of King County, we’re focused on addressing basic needs, long-term economic mobility, and the desire to change societal systems that impede equity, opportunity, and progress. We invite you to join us in this effort.