Money Makers Mentor

Citi to Spend Over $1B to Reduce Racial Wealth Gap

The Citi Group plans to spend $1.15 billion over the next three years to reduce the racial wealth gap. The US economy lost out on $16 trillion in additional GDP in the past two decades, due to racial gaps in wages, housing, education, and investment, according to Citi GPS report “Closing the Racial Inequality Gaps,” published this month. 

According to research, racial discrimination has costed the US economy over $16 trillion in the past two decades. The research’s findings are based on analysis of factors including wages, education, housing, and equitable lending to Black entrepreneurs. The U.S. could add $5 trillion to its GDP over the next five years if these racial gaps close today, the report stated. Citi’s Action for Racial Equity approach aims at reducing the racial gap by provi…

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