Citigroup says racial inequality has cost the US economy US$16 trillion in wealth over the last two decades. — Reuters pic
“Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won't do,” said Citigroup Chief Executive Michael Corbat in a press release. The report notes the sizeable wage gap for Black and Hispanic workers, the result of “an extended history of job discrimination, plus unequal access to quality education in the US.”
Addressing racial equity gaps could add US$5 trillion to US growth over the next five years, Citi said.
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