Business ownership plays a significant role in wealth creation and accumulation, and can help address the racial wealth gap in the U.S. while also creating jobs and stimulating the economy more broadly.

Business ownership in Westchester was highly concentrated, with Whites owning 81% of all businesses in 2023. Just 4% of businesses were owned by African Americans, 12% by Hispanics and 9% by Asians. Compared to state and national figures, Westchester's shares of Hispanic owned businesses were higher and Asian owned businesses were lower.

Among comparison counties, Westchester and Nassau had more diversity in ownership than Putnam and Rockland.

The lack of equal opportunities for wealth accumulation and systemic racism in the banking industry both contribute to these disparities. Would-be businesses owners of color have significantly less investment capital than their white peers due to historic discrimination in housing, a traditional method for accumulating personal wealth, and in the lending industry through both housing and corporate redlining.

Annual Business Survey (ABS) data are sourced from a combination of responses to the survey, data from the economic census, and administrative records data. The ABS only includes data for businesses with paid employees. Figures will not sum to 100% because business owners may identify as part of more than one racial/ethnic group.