There is a 90% wealth gap between white and Black America
It’s more than a zero-sum game. When Black families have the means for economic security and agency, everyone benefits: it’s estimated that closing the racial wealth gap could increase the US GDP by $1.5 Trillion over the next 10 years.1
We need comprehensive, collective action to counteract centuries of discrimination, segregation, and financial exploitation. We need all of the players in our economy wielding all of their influence and power.
provides a roadmap for companies and organizations to drive change now, and acts as an engine for continued collaborative learning and growth. Leading CEOs and Executive Directors across all pillars of our nation’s economy are moving together, guided by experts, to transform the economic landscape and drive racial equity.
Now is the time for companies and organizations across all sectors to be reflective and bold about change. Join us as a partner in NinetyToZero’s work to bring the racial wealth gap from ninety percent to zero so all Americans can thrive.
ACTIONS
Recruit, Hire, Grow, and Support Black Talent
Establish internal goals for hiring of Black talent and measure progress.
Establish employee resource groups with C-suite equivalent champions.
Incorporate efforts to promote inclusion into executive accountability.
Improve access to asset building tools for employees.
Increase Capital and Activity to Black-owned
and Black-led Businesses
Establish internal goals for both relationships and spend with Black-owned businesses and measuring progress
Work with Black-owned banks, Minority Deposit Institutions, Community Development Financial Institutions, or other Black-owned financial institutions.
Establish internal goals for investments managed by Black-owned or Black-led asset management companies.
The sheer magnitude and enduring legacy of discrimination, segregation and intentional theft [from Black Americans] require a suite of policies and strategies that are far-reaching and structural. Anything less will prevent us from enacting meaningful change to the rules and structures that uphold wealth inequality.
COMMITTED PARTNERS
The ACLU has fought racial discrimination in voting and in the criminal justice system, but we also understand that poverty and economic injustice compound the challenges of systemic racism. What we’ve been doing has been important, but insufficient – and that’s true for all American society. We partnered with the NinetyToZero to double down on breaking down the discriminatory systems and closing the racial wealth gap.
Racial wealth inequity is a threat to child well-being and America’s future. Institutions committed to the promise of Black children and families must push beyond public statements to concrete action to close the wealth gap.
More than 20 years of building our investment in Black communities have taught us that the way to narrow the wealth gap is to widen the door of opportunity. We’ve also learned that while setting long-term goals is helpful, it’s in meeting concrete, short-term goals that progress is made, and now, with our incredible partner organizations, we’re excited to get to work.
The key to narrowing the racial health gap is to narrow the racial wealth gap. The two go hand in hand, and we will all be the beneficiaries of a more equitable and just society.
Our society and our economy work best when all its members have the opportunity to succeed. Lord Abbett is proud to support NinetyToZero in its efforts to find solutions that promote Black wealth and equal opportunity for all.
McKinsey is committed to doing our part to ensure that Black lives are spoken for and valued, both inside our firm and beyond. Recognizing that one company’s actions won’t be enough to solve this problem, we are pleased to be a founding part of the NineyToZero’s coalition to catalyze greater racial equity across the private sector.
Closing the racial wealth gap is more than a zero-sum game. When Black families have economic security and agency, everyone benefits. Now is the time to be reflective, bold, and transparent. Join us and ensure Black Americans obtain equitable access to wealth, transforming our economic landscape for the better.
Every business has a responsibility—and can influence others—to advance racial equity, create opportunities for others and strengthen the communities it serves. Starbucks believes in using our scale for good and we will address the systemic barriers which keep Americans from reaching their full potential. We are committed to continuing our work to pursue greater inclusion, diversity and equity at Starbucks. We support this coalition in our quest to eliminate the racial wealth gap in America.
The racial wealth gap is the most pernicious distillation of systemic racism in our society. For centuries, Black Americans have been persistently denied access to the economy they helped build. It will take collective action to dismantle the deep-rooted oppression that Black Americans have endured for generations. We are proud to be an inaugural member of the NinetyToZero coalition and deepen our work to make our country more equitable and just.
Lead Research Partner:
The Wharton School of Business
NinetyToZero partners will have the opportunity for Wharton’s world-class faculty and researchers to study the impact of their actions, highlight best practices and provide insights into areas for further improvement.
LEARN MORE
We have to get comfortable talking about challenging issues like the racial wealth gap. Data-driven research plays a crucial role in taking the emotion out of difficult conversations and developing solutions to create a more equitable world. We are honored to partner with NinetyToZero on this critically important work. When everyone in our community is able to participate in the economy in meaningful ways, our entire society benefits.
LEADERSHIP
Mehrsa Baradaran
University of California, Irvine, Law professor; Author
Angela Glover Blackwell
PolicyLink, Founder in Residence
Danielle Bozarth
McKinsey & Company, Senior Partner
David Clunie
Black Economic Alliance, Executive Director
Wole Coaxum
MoCaFi, CEO
Darrick Hamilton
Institute for the Study of Race and Political Economy at The New School, Founding Director
Anthony Jenkins
Coppin State University, President
Derrick Johnson
NAACP, President and CEO
Michael McAfee
PolicyLink, President and CEO
Wes Moore
Robin Hood, CEO
Marc H. Morial
National Urban League, President and CEO
Ai-jen Poo
National Domestic Workers Alliance, Co-Founder & Executive Director
john powell
Institute for Othering and Belonging at U.C. Berkeley
Dan Porterfield
Aspen Institute, President & CEO
Anne Price
Insight Center, President
Michelle Williams
Harvard T.H. Chan School of Public Health, Dean
WE NEED BOLD PARTNERSHIPS TO CO-CREATE THE TRANSFORMATION NEEDED IN OUR INSTITUTIONS, WORKPLACES AND HEARTS AND MINDS TO ENSURE A FUTURE WHERE EVERYONE BELONGS. TO FULLY PARTICIPATE REQUIRES RECOGNITION AND RESOURCES.
PRESS
04/16/21
Closing the Racial Wealth Gap Must Be a Priority In the Fight Against Poverty
04/14/21
Panel discusses new initiative to combat racial wealth gap: ‘We’re focused not just on words’
04/13/21
Robin Hood’s Wes Moore on Joining Forces to Close the Racial Wealth Gap
04/07/21
Leading Experts in Racial and Economic Equity Commend and Support New NinetyToZero Initiative
04/06/21
Businesses and philanthropy unite to fight racial wealth gap
04/06/21
Starbucks, Goldman Sachs, ACLU, and Others Pledge to Tackle Racial Wealth Gap by Boosting Black Employment and Business Investments
04/06/21
Goldman, Starbucks, Wharton Form Group to Erase Black Wealth Gap
04/06/21
Top Organizations Across US Launch NinetyToZero To Combat Racial Wealth Gap
04/06/21
Goldman Sachs, Starbucks among organizations pledging to close racial wealth gap in U.S.
FAQ
What is NinetyToZero?
NinetyToZero provides a roadmap for companies and organizations to drive change now and acts as an engine for continued collaborative learning and growth. Partner companies and organizations – across all sectors of our national economy – commit to a set of seven expert-driven, needle-moving actions to advance racial equity by growing Black talent and investing in Black businesses.
How is this different from other racial equity initiatives?
An issue as systemic and complex as the racial wealth gap demands a comprehensive solution. NinetyToZero takes an intentionally expansive approach by touching all sectors of the economy and by asking companies and organizations to wield all of their influence and economic power. This collective action is at the core of our mission to take discernible steps to eradicating the racial wealth gap and bringing equity.
Is this a pledge of values?
No. NinetyToZero is a commitment from our partner organizations to act immediately to combat the centuries of systemic racism that have led to a 90% racial wealth gap between Black and white families.
How did you land on this set of actions?
We worked with a group of organizational and corporate leaders in addition to a panel of 20+ renowned experts on racial equity, economics, and diversity & inclusion to develop research-based best practices.
How will NinetyToZero drive continued learning and growth?
Data and research should be the guiding force of any initiative designed to forge change. In the immediate, NinetyToZero partners will be able to learn from one another’s successes and challenges in their journeys to advance racial equity. Additionally, The Wharton School at The University of Pennsylvania, a global leader and NinetyToZero’s lead research partner, will study future best practices and share insights with partners to ensure impact for years to come.
GET INVOLVED
Become a NinetyToZero partner.
Join us in our fight to close the racial wealth gap.
Robin Hood foundation is currently incubating NinetyToZero and supporting its operations before it ultimately will become independent of the Foundation.
