(AURN News) – The racial economic gap between Black and white Americans has widened since 2020, according to a report by Citibank.
The report found that Black men earn 79 cents for every dollar earned by white men, while Black women earn 73 cents on the dollar.
The report also shows that the disparities extend beyond paychecks.
If Black Americans owned businesses at the same rate as white Americans, the number of Black-owned small businesses would increase from 161,031 to 792,438, based on 2021 data.
The wealth gap remains just as significant.
Citibank found that white families have six times the wealth of Black families. For every $100 in wealth owned by white families, Black families held just $16 on average in 2022.
The divide has also grown in recent years.
In 2019, the average white family had about $190,000 more in assets than the average Black family. By 2022, that gap had grown to $240,000.
Citibank’s analysis found that closing those gaps could have a major impact on the broader economy.
If Black-owned businesses reached the same share as white-owned businesses, the United States would gain an additional 5 million jobs. The report estimates that would generate roughly $2.9 trillion in additional revenue and $840 billion in payrolls.
With an AI revolution reshaping the economy and a K-shaped economy continuing to reward those at the top while leaving many others behind, the report highlights the economic consequences of racial inequality and the potential benefits of closing those gaps.
Click play to listen to the AURN News report from Jamie Jackson:
https://aurn-news.simplecast.com/episodes/jay-silvers
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