Sexual and Gender Minorities are often referred to by the acronym LGBTI (Lesbian, Gay, Bisexual, Transgender and Intersex). LGBTI populations are difficult to accurately assess. The World Bank estimates that 1 in 10 people are a sexual or gender minority. A conservative estimate of 5% of the population is estimated to deliver $4-5 trillion in purchasing power (LGBT Capital, 2019), with an estimated 23 trillion in global household wealth. Credit Suisse has identified a 13 percent increase in return on equity premium on financial outperformance of 350 LGBTQI inclusive companies against the benchmark, since 2010.
Increasing evidence indicates that LGBTI people experience lower education outcomes due to discrimination, bullying, and violence; higher unemployment rates; and lack access to adequate housing, health services, and financial services. As a result, LGBTI people are likely overrepresented in the bottom 40% of the population.
Inclusive Banking: Emerging Practices to Advance the Economic Inclusion of LGBTI People
The size and potential of the untapped LGBTI banking market is significant and growing in importance. Estimates suggest that the LGBTI population has a collective annual spending power of $3.9 trillion and that they could represent up to 10% of the global population. LGBTI people, however, are currently under-served by the financial sector.
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