Speakers include U.S. Senator Alex Padilla, SBA Administrator Isabella Casillas Guzman, Asst. Secretary. of Commerce Alejandra Y. Castillo, Bank of America CEO Brian Moynihan, Grammy-Award Winner Emilio Estefan, Variety President and Group Publisher Michelle Sobrino-Stearns and Xavier A. Gutierrez, President and CEO of the Arizona Coyotes.
Washington, DC, December 9, 2021 –– The Aspen Institute Latinos and Society Program today announced the unveiling of a new report by McKinsey & Company at the inaugural convening, The Economic State of Latinos in America. The invite-only event, held in Washington, D.C., is focused on supporting Latino wealth creation, and why doing so may be critical for the prosperity and wellbeing of the nation as a whole.
“This convening reaffirms the potential Latinos hold for the future prosperity and global standing of our country,” said Ambassador Gaddi Vasquez, co-chair of the convening and chair of Aspen Institute Latinos and Society advisory board of directors. “With nearly one in five Americans being Latinos, and a collective GDP outperforming Germany, the United Kingdom or Japan, Latino workers, business owners and entrepreneurs are a central piece for the U.S. economy to fully recover and thrive. The remarkable stories of self-realization among Latinos and other communities prove that the American dream is very much still alive and that the United States remains a land of opportunity for the hard-working.”
U.S. government officials, Congressional leaders, corporate CEOs, asset managers, entertainment leaders, distinguished journalists, and other key stakeholders gathered for a series of groundbreaking presentations that examined strategies and solutions to maximizing Latinos’ full economic potential. Informed with new key findings from McKinsey & Company’s Latino Economic Mobility report, different panels provided insights into current racial gaps in the U.S. economy and offered a vision of what could be gained if they were closed.
“I am honored to unveil McKinsey & Company’s report on the state of Latino Economic Mobility in America, with the Aspen Institute Latinos and Society Program. We are committed to diversity and inclusion in business, the economy, and at all levels of society,” said Lucy Pérez, senior partner at McKinsey & Company. “Our research shows that while progress has been made in our communities, there is still more to do to help close the wealth gap for Latinos in the U.S. Today’s gathering featuring inspiring leaders and changemakers is an extraordinary showing of support for Latino inclusion in all sectors. What we do with our collective influence can result in lasting transformational change and a stronger U.S. economy.”
The research presented in the inaugural report, “The Economic State of Latinos in America: The American Dream Deferred”, identifies critical challenges and gaps Latino Americans face across four segments: workers, business owners, consumers, and savers and investors. It also outlines interventions and actions that can be taken today across the public and private sector to break down barriers preventing Latinos from full economic participation.
“The cost of Latino economic disparities is not negligible, estimated between $1.3 and $1.6 trillion that could be added to our national economy by fostering more equitable policies and increasing the flow of capital to our businesses across all sectors,” said Domenika Lynch, executive director of Aspen Institute Latinos and Society. “We have a once-in-a-generation opportunity with the support of federal funds and private capital to make significant investments into Latino communities across America to strengthen our growing, young, and entrepreneurial population.”
The Economic State of Latinos in America was generously supported by presenting sponsor Bank of America, and other strategic partners such as Target, Google.org, Woody & Gayle Hunt Family Foundation, Russell Reynolds Associates, Wells Fargo, National Association of Investment Companies, Waymo and, knowledge partner McKinsey & Company.
Read the complete report on the Aspen Institute Latinos and Society website or at www.mckinsey.com/latinoeconomicmobility
For more information about the Aspen Latinos and Society program please visit www.aspeninstitute.org/programs/latinos-and-society-program/ or follow on Twitter, Facebook, LinkedIn and Instagram.
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About The Aspen Institute
The Aspen Institute is a global nonprofit organization committed to realizing a free, just, and equitable society. Founded in 1949, the Institute drives change through dialogue, leadership, and action to help solve the most important challenges facing the United States and the world. Headquartered in Washington, DC, the Institute has a campus in Aspen, Colorado, and an international network of partners. For more information, visit www.aspeninstitute.org
About Aspen Institute Latinos and Society Program
The Aspen Institute Latinos and Society Program (AILAS), founded in 2015, provides a non-partisan, unbiased platform for shared learning across communities of influencers on the critical barriers preventing greater Latino achievement, and jointly surfaces new, innovative, and actionable solutions for a more prosperous future for all Americans. For more information, visit www.aspeninstitute.org/latinos-society
About our knowledge partner – McKinsey & Company
McKinsey is a global management consulting firm committed to helping organizations realize sustainable, inclusive growth. We work with clients across the private, public, and social sectors to solve complex problems and create positive change for all their stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for this generation and the next.