past event
Economic Development

Advancing Economic Mobility: Mindsets to Unlock Prosperity

An invitation-only event hosted by Aspen Institute Latinos and Society Program in collaboration with McKinsey & Company

According to McKinsey & Company’s 2021 report, “The Economic State of Latinos in America: the American Dream Deferred”, Latino wealth has grown by an average of around 7 percent annually for the past 20 years, more than twice the rate of non-Latino White wealth. Yet while Latino wealth is on an upward trajectory, it’s far from equal with that of non-Latino Whites. The current median wealth of Latino households is about $36,000, just one-fifth of the median $188,200 of their White peers. Latino families are also significantly more likely to have a zero or negative net worth. While the increasing percentage of US-born Latinos will likely narrow these gaps over time, both the public and private sectors could adopt and implement interventions to more rapidly allow Latino savers and investors to fully participate in the US economy. An open discussion of strategies and policies to address the Latino wealth gap is critical to drive a more dynamic future both for Latino Americans and the country. 

Following the success of the 2021 and 2022 convenings, Aspen Institute Latinos and Society will bring together 150+ C-suite leaders across the private, public, and civic sectors to forge action-oriented partnerships and advance economic mobility for Latinos. In collaboration with McKinsey & Company, the convening will consolidate as a catalytic space for scaling up impact, promoting peer-learning and facilitating innovation. Knowledge partner McKinsey & Company will unveil their third annual Economic State of Latinos in America Report at the event, contributing original data and evidence on the current state of Latinos as savers and investors. The public event will stimulate partnership building through networking opportunities along the day.

Program Book



Sunday, December 10, 2023 – Welcome Dinner

6:00 – 7:00 pm  Networking Hour & Dinner

7:00 – 7:30 pm  Short Program

7:30 – 8:30 pm  Networking

Monday, December 11, 2023

8:00 – 9:00 am  Breakfast & Registration

9:00 – 9:30 am  Welcome remarks

9:30 – 10:15 am The Economic State of Latinos in America: Advancing Financial Growth
Latinos are a fast-growing economic engine in the U.S. However, despite being an attractive segment for financial institutions due to their market size and growth rate, persistent barriers, such as reduced access to capital and lack of strategy for the Latino segment, hinder their ability to better serve Latino consumers and SMBs. If better served, Latino customers can also unlock greater economic mobility for themselves and create more jobs for a stronger economy.

McKinsey & Company’s latest report on Latino economic mobility explores the opportunities for financial institutions to drive sustainable and inclusive growth with a better understanding of the Latino economic opportunity. Join us for a conversation as we take a deep-dive into the state of financial inclusion and economic opportunity for Latinos in the U.S.

10:15 – 10:30 am  Coffee Break

10:30 – 11:15 am  Diversity in Pensions and Asset Managers: Representation Matters
According to a 2021 McKinsey & Company report, Latino wealth has grown by an average of about 7% annually in the past 20 years, more than twice the rate of non-Latino White wealth. However, the representation of diverse-owned firms in the industry is still disproportionately low at just 1.4% of total U.S.-based assets under management as of September 2021, the Knight Foundation reported in 2021.

This panel of investment firms’ CEOs has defied systemic barriers and leveraged their leadership roles to drive change in their industries. Panelists will discuss the importance of ensuring the industry reflects the shifting demographics of its customers, the strategies they are employing to create more inclusive workplaces, and the advantages of doing so. By showcasing their diverse journeys to leadership, they will inspire attendees to challenge traditional norms and redefine the future of the industry.

11:15 am – 12:00 pm  Shifting the Narrative: Media’s Role in Economic Empowerment
Trusted experts and leaders with broad experience in media and entertainment will discuss the importance of storytelling and the impact of media on shaping public perceptions and attitudes. The conversation will focus on the current state of representation and diversity in media, highlighting the challenges faced by underrepresented communities and discussing the steps needed to create a more inclusive industry. Panelists will share their personal experiences, insights, and strategies for overcoming obstacles and promoting positive change. The discussion will explore the power of representation and how it can help to counter negative stereotypes and promote understanding and empathy between communities.

12:00 – 1:00 pm  Networking Lunch

1:00 – 1:45 pm  The Procurement Economy: A Pathway to Inclusive Wealth Creation
The present moment of federal largesse in infrastructure spending presents an opportunity to scale small businesses, driving economic growth in long-uninvested communities. To accomplish this, however, we must look at innovative solutions to inequities in public procurement nationally. In San Antonio, local leaders catalyzed a new approach to how local governments procure goods and services, aiming to grow the share of contracting of small minority businesses. A seven-month research project by Aspen Latinos and Drexel University’s Nowak Lab then identified challenges and opportunities in San Antonio’s procurement systems. Standing on this knowledge base, local leaders established the Procurement Innovation Council, convening the executive leadership of San Antonio’s public agencies to redirect local procurement towards equity and growth.

1:45 – 2:30 pm  Mindsets to Unlock Prosperity
The journey to prosperity is not solely about financial gain. It is also about cultivating a mindset that fosters success in all areas of life. Mental health and leadership development are crucial to the empowerment and advancement of our communities – true foundations for a more just and equitable America.

Dan Porterfield moderates an insightful conversation with Adrienne Arsht discussing her unique perspectives on the importance of mindsets in achieving prosperity, as well as the strategies and habits that have helped her overcome obstacles, stay motivated, and transform ideas into action that make a lasting impact.

From the power of positive thinking to the importance of resilience in the face of setbacks, our panelists will offer valuable insights into the mindset shifts and mental frameworks that have allowed them to achieve success.

2:30 – 3:15 pm  Saving and Supporting Families Across Borders: The Role of Remittances in Latin America
The economic power of Latinos is often overlooked when limiting the analysis to traditional indicators such as the worth of savings and investments in the banking system. Remittances represent a crucial instrument that Latino immigrants in the U.S. use to channel surpluses and financially support family and friends back in their country of origin. In some regions of Latin America, the stabilizing effect of these remittances has gone beyond the household level, becoming a sizable source of income for the national economy. For instance, in 2021, remittances represented over 25% of Honduras’ GDP and more than 26% in the case of El Salvador. Remittances to Mexico grew 27.1% from 40.6 billion dollars in 2020 to 51.6 billion dollars in 2021, marking a historic high.

Gain insights on the untold story of millions of U.S. Latino workers and small business owners whose savings have supported entire Latin American communities through economic, social, and political crises.

3:15 – 3:30 pm  Closing Remarks

3:30 – 5:00 pm  Wine & Dessert Reception

Event information
Mon Dec 11, 2023
9:00am - 4:00pm EDT
New York, NY