Wealth gap costs over last two decades: $2.7 trillion in Black income, $16 trillion to U.S. economy
By Charlene Crowell
America’s persistent racial income and the wealth gap reality are the result of four intertwined factors: housing, education, business ownership and access to credit. Closing these gaps would facilitate inter-generational wealth creation for Black America and also expand the nation’s economy by $5 trillion over the next five years. These findings come from an extensive report newly-released by a major bank.
According to Closing the Racial Inequality Gaps: the Economic Costs of Black Inequality in the U.S., published by Citi Global Perspective and Solutions, centuries of bias and institutionalized segregation have generated grave societal and economic losses that reverberate throughout America. Had the wealth gap been addressed 20 years ago, the report finds that the nation could have:
Generated an additional $13 trillion in business revenue;
Created 6.1 million jobs
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