One Million Black Women launched in March 2021 with the broad goal of having a positive impact on the lives of 1 million Black women by 2030.
Goldman Sachs has committed $10 billion in investment capital and $100 million in philanthropic capital with a focus on access to capital, affordable housing, health care, education, job creation, workforce advancement, digital connectivity and financial health.
On Monday the group held a meeting of its advisory council — which includes Obama Foundation CEO Valerie Jarrett, Walgreens Boots Alliance CEO Roz Brewer, former Secretary of State Condoleezza Rice, actress and producer Issa Rae, National Urban League President Marc Morial, and NBA star Steph Curry and his wife Ayesha — where it announced the $2.1 billion milestone in addition to the deployment of $23 million in philanthropic capital that will assist an estimated 215,000 Black women.
Economists at the global investment bank have found the most efficient way to close the racial wealth gap is by investing in Black women. Thedescribes the disparity in wealth between Black and white households in the United States and is estimated to be at least $14 trillion, according to William Darity Jr., director of the Samuel DuBois Cook Center on Social Equity at Duke University.
"The past two years have confirmed a key insight of our research. By investing in businesses that help Black women advance we can build a strong economy for everyone," Goldman Sachs CEO David Solomon said during the One Million Black Women advisory meeting. "Our firm has a long history of supporting economic empowerment and we're proud that One Million Black Women is already making a difference.