In the US, Black women make 64 cents for every dollar earned by white men. They also face a wealth gap: by some estimates, Black women have approximately 90 percent less wealth than white men in the US. These disparities are driven by race- and gender-based discrimination in education, employment, housing, and health care that have limited Black women’s access to economic opportunity for centuries.

In 2022, Goldman Sachs and the Urban Institute launched the One Million Black Women (OMBW) Research Partnership to develop and amplify research on ways to narrow the wealth and earnings gap for Black women. During the partnership’s second year, we invited six scholars of color from Historically Black Colleges and Universities, Minority Serving Institutions, and Predominantly White Institutions to investigate the barriers to building wealth Black women experience. Their research highlights the interconnected nature of the challenges faced by Black women and the need for nuanced, intersectional policy solutions to close the racial and gender wealth gap.

In December 2023, Goldman Sachs and Urban hosted a convening that brought together researchers, policymakers, community and economic development experts, advocates, and others to engage with these findings and identify strategies to improve the social and economic conditions of Black women.

Drawing on the findings of the OMBW Research Partnership and the convening, we outline five ways policymakers can work toward narrowing the wealth gap for Black women.

  1. Make college more affordable.
  2. Ensure pay equity and support Black women entrepreneurs.
  3. Expand access to caregiving services and community supports.
  4. Make mortgages more accessible.
  5. Expand access to affordable health care.

Read the full article about closing the racial wealth gap for Black women by Tianna Newton and Elise Colin at Urban Institute.