The dawn of mainstream generative AI promises to create massive value and revolutionize the way people work. But Black employees could find themselves at a more than $40 billion-a-year disadvantage—unless companies are more thoughtful about how they implement and use the new technology, according to a new report.
AI is expected to generate roughly $500 billion in new household wealth in the U.S. by 2045, according to a December report from consulting firm McKinsey & Co. But considering the racial wealth disparities that already exist, in which Black households hold roughly 15% of the wealth of the median white household, the gap between Black and white households could grow to $43 billion annually, according to McKinsey.
