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Decarbonization has emerged as a critical tool in the fight against climate change, but it also shows promise as a means of economic acceleration across the globe. Learn how.

Partners, JP Julien and Duwain Pinder, discuss their latest research on the economic state of Black residents in the US and solutions that could be transformative for the trajectory of their communities.

There is a dramatic difference in health, economic, and social outcomes for Black US residents compared with their White neighbors. What can investors, companies, philanthropies, and public sector leaders do to help close the gap?

Social innovation can play a role in reimagining the status quo by addressing equity issues through novel ideas while generating value for communities and the economy.

Gaps in financial inclusion inhibit the ability of Black Americans to fully participate in the economy as savers, investors, and consumers. Understanding the sources of exclusion is the first step to fixing the system.

Gaps in financial inclusion inhibit the ability of Black Americans to fully participate in the economy as savers, investors, and consumers. Understanding the sources of exclusion is the first step to fixing the system.

Forty percent of Black American households don’t have high-speed, fixed broadband, according to recent McKinsey research.

Little pay, long hours and a lack of career prospects have hindered the professional advancement of millions of front-line workers in the U.S.

In April 2022, McKinsey gathered a group of leaders in financial services to discuss the work they are doing to increase financial inclusion, address systemic challenges, and catalyze efforts to close the racial wealth gap.

Black-owned businesses are crucial to America’s long-term prosperity, but they face long-time challenges. How can McKinsey’s Next 1B accelerator help create a more inclusive environment for Black entrepreneurs?

Companies can unlock more value in their supplier diversity programs by including higher-growth sectors and promoting diversity across the business ecosystem.

Learn how policy choices and employer actions have the potential to unleash a more dynamic future and to build a more equitable economy.

“Economic empowerment for Black Americans is at the core of sustainable and inclusive growth,” says Shelley Stewart III.

3 strategies to promote racial equity, meet the needs of Black Americans and create value

Black people’s spending power in the U.S. is expected to hit $1.8 trillion by 2024. Shelly Stewart, a partner at McKinsey & Company, joins BNC’s Tashanea Whitlow to talk about the power of the Black dollar and his report showing that Black spending power will double by 2030.

Black Americans have historically had a challenging relationship with the financial services industry. From less access to financial institutions in their communities, to lower approval rates for credit applications, to less participation and satisfaction across a range of financial products and services, Black consumers face a variety of inequities that affect their ability to build and maintain their wealth.

While there has been progress on supplier diversity in areas such as facilities management, construction, staffing, and food services, spending with diverse suppliers in high-growth industries such as professional services, real estate, finance, insurance, and IT still lags behind.

Tailor products specifically to meet Black consumer needs and wants, and not only is there economic value to be gained but also a greater chance to meet social and moral objectives.

Morgan Stanley podcast with Carla Harris featuring Shelley Stewart starting at 10:04.

That report examines the racial gaps that exist across the U.S. economy. Shelley Stewart III leads McKinsey’s research on Black economic mobility in the United States and is also a partner with McKinsey’s Private Equity & Principal Investors Practice. Stewart speaks with host Porter Braswell about some of the barriers Black Americans face in the U.S. economy, as workers, business owners, and consumers. They also explore how addressing representational imbalances could create greater economic equity.

This month marks the one-year anniversary of the McKinsey Institute for Black Economic Mobility, our research institute and think tank dedicated to advancing racial equity and inclusive growth. Over the course of the year, the institute has focused on its mission to help private-, public-, and social-sector leaders take coordinated action to accelerate Black economic development.

JP Julien explains why new research on racial inequality is personal and talks about the innovative programs that are showing results.

President Joe Biden signed a bill into law making Juneteenth, commemorating the end of slavery in the U.S., is now a federal holiday. Over the past year, the day has taken on new meaning, with many in the Black community and business leaders using the holiday to highlight economic inequality. The racial wealth gap is conservatively $11 trillion and could have ballooned to $13.5 trillion during the pandemic, according to the latest research from Duke University.

The U.S. economy is missing out on an estimated $300 billion a year as systems, institutions and businesses discount the power of the Black consumer. That's just one finding of a new McKinsey & Co. report on "The Economic State of Black America." Bloomberg's Karen Toulon speaks with Shelley Stewart III, a partner and head of McKinsey’s Institute for Black Economic Mobility.

Closing the racial wage gap in just 20 occupations would boost millions of Black Americans.

If Hollywood were to address racial inequities in the film and TV industry, annual revenue could rise by 7%, or about $10 billlion, according to the findings of a new study from McKinsey.

A McKinsey & Company report on race in the workplace found that Black workers are underrepresented in the highest-paying industries and geographies, resulting in their overrepresentation in lower-growth regions and frontline jobs, which tend to pay less.

Racial equity and inclusive growth can drive economic mobility and a postpandemic recovery.

Today our firm launches the McKinsey Institute for Black Economic Mobility, a think tank dedicated to accelerating research, convening people and organizations, and developing tools and assets that can help advance racial equity and inclusive growth to safeguard the lives of Black people around the world.

Historic gaps in equity and access to opportunity continue to adversely impact communities across Houston. Today, a person’s zip code remains one of the best indicators of their health and wealth. But there are renewed efforts to close the gaps in equity in our region’s communities.

Investing in Black Lives and Livelihoods

Automations’ Uneven Terrain