Retiring from the NFL in 2011 after a seven-year career, former running back Jason Wright is continuing his work to address the racial wealth gap in America. On August 13, global management consulting firm McKinsey & Company published a report co-authored by Wright — who is a partner at the firm — that assesses the main sources of socioeconomic inequality and ways to close the gap.
Mainly focusing on the wealth gap between black and white families in the United States, where the median net worth of black families is $17,600, compared to $171,000 for white families, the report identifies four key factors that persistently create barriers to achieving wealth for black families: community assets; family wealth; family income; and family savings.
The report also names necessary actions to close the racial wealth gap across the United States, including increasing educational and professional development opportunities as well as the availability of consumer credit and basic banking services, in addition to developing holistic economic strategies for struggling regions.
Not only is minimizing racial inequality necessary to address longstanding social injustice in the United States, the report finds it is also good for the economy. The report states that constraints to consumption and investment faced by black families will cost the U.S. economy between $1 trillion and $1.5 trillion between 2019 and 2028.
“There is a galvanizing case for change,” Wright said. “When we look specifically at helping black folks across the country, the result is it helps everyone because the entire economy benefits.”
A 2013 MBA graduate from the University of Chicago, Wright also helped spearhead the annual Black Economic Forum in Martha’s Vineyard, recently co-hosted by McKinsey following the release of the report. This year’s convening brought together 200 black executives and leaders to discuss actionable solutions to wealth inequality.
Check out the report to learn more.