America’s Black women hold more than 90% less wealth than American White men, Goldman Sachs revealed in a new report Tuesday.
In response, Goldman announced on Wednesday it will invest $10 billion into areas that will impact the lives of one million Black women by 2030. Goldman will partner with Black women-led organizations and institutions to commit $10 billion in direct investment capital and $100 million in philanthropy. The investment strategy is led by Black women, such as former Secretary of State Condoleezza Rice and Walgreens (WBA) CEO Rosalind G. Brewer.
“This initiative is transformational,” said Melanie Campbell, convener of the Black Women’s Roundtable and president and CEO of the National Coalition on Black Civic Participation, which is partnering with Goldman Sachs on the program. “What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country.”