Ryan Williams, a 32-year-old black CEO, says America has been ‘hallucinating’


“There are huge opportunity gaps that exist in this country economically,” the Harvard graduate said. “Coronavirus, in many ways, exacerbated and brought those to light.”

Racial inequality has been a major problem in the United States since long before the pandemic struck.

In 2016, the median net worth of white households is about 10 times that of black households, according to the Federal Reserve. The white-black gap in median net worth widened by more than $20,000 to $153,500 between 2013 and 2016, the most recent year statistics are available.

‘Heartbreaking’ to see division

Williams, who rarely discusses race or his background in public, felt compelled to speak up after the killing of George Floyd in Minneapolis at the hands of police.

“It’s been hurtful…to see someone literally be murdered. Not die in front of us, but be murdered,” Williams said.

After days of protests and riots, all four former Minneapolis police officers involved in Floyd’s death are facing charges.

Williams is distraught by how inclusion and diversity are now dividing the nation.

“It’s been heartbreaking to see the very strengths and ideals that this country was founded on being the same thing that tears us apart,” he said.

Living the American Dream

In many ways, Williams is living the American Dream, one that is far out of reach for many people.

He grew up in a working-class household in Baton Rouge, Louisiana — which Williams says is a “Deep South city that in the past has been plagued by segregation.”

In high school, Williams was told by guidance counselors and teachers not to bother applying to Harvard because nobody with his background had gotten in before. He applied anyway, and launched his first real estate company during his senior year there.

“I was just really, really fortunate that there were people who believed in me,” Williams said.

After stints at Goldman Sachs (GS)and private-equity giant Blackstone (BX), Williams founded Cadre in 2014. The digitized investment platform’s high-profile investors also include Jared Kushner, President Donald Trump’s son-in-law.

“I was given an opportunity. I seized the moment. But that opportunity needs to be democratized,” Williams said. “People around this country don’t have access to the American Dream and to the economy.”

Dealing with racism

There remains a wide economic disparity along racial lines in the United States.

The median income for black households is $41,000, compared with $71,000 for white households, according to the Fed. The poverty rate for black Americans is more than double that of whites.

Health care is another major fault line. The percentage of black Americans lacking health care is nearly double that of white Americans, according to 2018 the US Census Bureau.

Williams said he experienced racism in his career, though it wasn’t always explicit.

“A lot of the discrimination, racism and bigotry today isn’t always in-your-face,” he said. “It can be behind the scenes, behind doors. It…



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32yearolda 32-year-old black CEOAmericaBlackBusinessCEOhallucinatingRyanRyan Williamssays America has been 'hallucinating' about racism and inequality. Until now. - CNNWilliams