DEI Crucial for U.S. Economy: ‘Not Enough White Men,’ Says John Hope Bryant

John Hope Bryant, the founder and CEO of Operation HOPE, a non-profit dedicated to providing financial literacy education, expressed at Fortune’s Global Forum that the current demographic makeup of successful, college-educated white men is insufficient to sustain the U.S. GDP growth over the next three decades. “Simply put, there aren’t enough white men to carry us forward economically for that long,” Bryant stated.

For the U.S. to maintain its position as a leading global economy, it is crucial to ensure that women and minorities are not excluded from opportunities to accumulate wealth.

Bryant pointed out that the term “DEI” has unfortunately become politicized, which has overshadowed its fundamental economic importance. “DEI was turned into a political tool, filled with emotional charge. I prefer focusing on the straightforward concepts of math and inclusive economics,” he explained.

He further noted that consumer spending drives 70% of the U.S. economy, and with demographic changes, the profile of American consumers is evolving. “This 70% is going to look very different in the near future,” Bryant remarked.

According to a U.S. Census Bureau report, by 2044, the U.S. is projected to become a majority-minority nation, where White Americans will no longer make up the majority compared to all other combined minority groups. Today, minority groups already possess significant economic influence. For instance, Black consumers are projected to have $1.7 trillion in buying power by 2030, as per McKinsey. Similarly, a report by the Latino Donor Collaborative highlighted that Hispanic consumers contributed $3.2 trillion to the U.S. economy in 2021. Bryant stressed that leveling the economic playing field for these groups is crucial, especially when White Americans currently hold 80% of the nation’s wealth but represent only 65% of households.

“Promoting financial literacy is today’s pivotal civil rights issue,” Bryant asserted.

He also highlighted the critical role of the gender wealth gap. Women now manage assets worth $10.9 trillion, a feat only made possible by progressive financial legislation such as the Equal Credit Opportunity Act of the 1970s, which allowed women to own credit cards and prohibited discrimination based on gender in credit decisions. Bryant pointed out, “Had we succumbed to narrow-minded thinking, we would be a third-tier nation now.”