“There’s no silver bullet,” Wright said in an interview, adding job training and healthcare access are also crucial tools.
The gap has expanded over the last two decades, according to federal data. As of 2016, the wealth of the average white family was 10 times higher than the average wealth of a black family.
The white household had a net worth of $171,000 while average black and Hispanic households had a median net worth of $17,600 and $20,700 respectively.
McKinsey says closing the gap between black and white wealth in the United States could increase GDP by up to 6% by 2028 through increased investments and consumption.
“When you bridge that gap, the money is not just going to black pockets, it’s going to everyone’s pockets,” Wright told Reuters.