Black Americans represent a significant portion of our economy. They occupy 13 percent of US jobs, operate more than three million businesses, and spend upwards of 900 billion each year as consumers1. Yet, research shows that Black Americans still experience significant, persistent inequities across all areas of economic participation. This not only impacts prospects for economic mobility but also restrains our economy from reaching its full potential.
Helping organizations accelerate and sustain action that leads to the economic mobility and development of Black communities.
Our Mission
Our efforts to advance Black economic mobility officially launched in December 2020 as a part of McKinsey’s 10 actions toward racial justice and equity with the mission to help leaders across sectors aspire and deepen their impact on Black lives and livelihoods. Today, our focus on Black economic mobility serves as a role model for how our Firm thinks about inclusive economic growth.
Inclusive consumer
Helping to drive equity for consumers’ across key areas of consumption to create a more dynamic and resilient economy.
Impact investing
Guiding investments in socioeconomic areas to increase opportunities for lives and livelihoods.
Supplier development
Helping organizations unlock more value in their supplier diversity programs, achieve better performance, access new markets, and contribute to socioeconomic progress.
Financial inclusion
Supporting financial institutions to accelerate financial inclusion for Americans at every level of the financial system.
Education
Addressing gaps in learning opportunities and academic achievement for students.
Economic development & philanthropy
Developing place-based strategies to improve key economic metrics and outcomes for communities that uplifts all residents.
Health equity
Embedding equity across components of healthcare to improve health outcomes for and minority communities.
Workers & talent
Equipping organizations with the tools and capabilities to advance equity for, retain, and develop workers.
Equity through technology
Supporting leaders in technology on efforts to diversify the field and develop inclusive technologies that serve the needs of populations.
CEO excellence
Promoting CEO excellence through convening executives and developing the next generation of corporate and social leaders.
Our impact
Supporting a renowned HBCU on its strategic growth journey
We partnered with Delaware State University, one of the nation’s historically Black colleges and universities (HBCU) to support the institution along its strategic growth journey, which included a focus on mergers and acquisitions to improve student outcomes and enhancing institutional sustainability.
Black-owned brands eye ‘unicorn’ success with McKinsey’s Next 1B
McKinsey is equipping Black founders of consumer and retail brands with tools, resources, and community to put them on the path to billion-dollar valuations.
Creating an ‘ecosystem’ to close the Black talent gap in technology
The Black talent gap in technology has been stubbornly persistent and could worsen without action. McKinsey is helping to unite and transform efforts that can change course.
Next 1B
Our goal is to accelerate the growth of the next generation of billion-dollar Black-owned brands.
Featured research
Report - McKinsey Institute for Economic Mobility
The state of Black residents: The relevance of place to racial equity and outcomes
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At the current pace of change, it could take decades to improve outcomes for Black Americans and more than three centuries to get to racial parity. How can different types of communities move closer to delivering a better quality of life for all residents?
Collection
The state of Black consumers: An opportunity for growth and equity
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Black consumers’ collective economic power is set to expand dramatically, from about $910 Billion in consumption in 2019 to $1.7 trillion (in nominal dollars) in 2030. Even so, they are more likely than their non-Black counterparts to live in consumer deserts and be underserved across all areas of consumption. This collection of research highlights both the social and commercial benefits of integrating broad racial-equity goals into consumer businesses to better serve Black consumers.
Report - MGI Research
The economic state of Black America: What is and what could be
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Closing racial gaps across the economy is not only about righting historic wrongs. It is also about choosing a more dynamic future and realizing the full potential of a massively underutilized source of talent, to the benefit of all Americans.
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The Institute is led by a group of McKinsey colleagues and is governed by internal and external advisers. Our internal advisers comprise global leaders from McKinsey who represent a diverse range of geographies and practices. Our external advisory board, which is composed of senior leaders from across the private, public, and social sectors, bring an objective perspective to our work.
Shelley Stewart III
Senior Partner, and Global Leader, Reputation & EngagementNew York
Advises companies on strategy and growth-led transformations; guides organizations to build a more inclusive, dynamic economy;...
John-Paul (JP) Julien
PartnerPhiladelphia
Serves US foundations, impact investors, and city and state governments on inclusive economic-development topics and helps organizations...
Tiffany Burns
Senior PartnerAtlanta
Leads the Atlanta Office and serves consumer-facing organizations on broad transformation efforts to significantly improve performance...
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