Posted 12/19/2023, 6:38:30 PM
Generative AI Poised to Widen Racial Wealth Gap While Also Presenting Opportunities
- Generative AI could widen the racial wealth gap by $43 billion between Black and white households by 2045 due to automation displacing jobs held by Black workers
- Black households currently have just 15% of the median wealth of white households ($44,900 vs $285,000)
- Black workers predominantly hold jobs in office support, production, food service, and mechanical repair - occupations most likely to be automated
- Between 2030-2060, generative AI could perform half of these "high-mobility" jobs, limiting upward mobility for Black workers
- However, generative AI also presents opportunities to improve financial inclusion, digital skills training, and homeownership access for Black communities