'The key thing to remember is there is a knock-on effect as spending power leads to greater demand and new development, which creates a virtuous cycle. In this way, closing the wealth gap for Black
America's racial wealth gap could cost the country between $1 trillion and $1.5 trillion from 2019 and 2028 by impacting consumption and investment, according to a study released by consulting firmreport reiterated the country's stark wealth gap, which has been growing for decades and was worse in 2016 than it was in 1963,study said that, as of 2016, the median white family had over ten times the wealth of the median black family.
"Our forecast relies on the established Oxford model to look at a broad range of investments that happen as communities develop greater wealth: from new business creation, investments in housing, education, and infrastructure, to stock portfolios and retirement accounts," Jason Wright, a McKinsey Partner who co-authored the report, told"The key thing to remember is there is a knock-on effect as spending power leads to greater demand and new development, which creates a virtuous...
The report emphasized the disparate economic conditions of white and black Americans. It said that black workers are more likely to be unemployed than white workers, even after controlling for education, duration of employment and reason for unemployment. It noted that black families are 33 percent less likely to own a house than white families, and that black families' homes appreciate value more slowly.Alfred Gescheidt/Getty Images
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