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 percent of the global population. LGBTI people, however, make up a large segment of the bottom 40 percent of the global population earning an income and are currently under-served by the financial sector.
Given the pressing need for financial inclusion, the banking industry is well-positioned to lead the way on increasing LGBTI access to employment opportunities, as well as financial services and products. IFC is working with banks, companies, and investors to advance the economic inclusion of LGBTI people as corporate leaders, employees, entrepreneurs, consumers, and stakeholders.
This report is the first by IFC in a series of publications that highlight the private sector business case and emerging practices that foster economic inclusion beyond gender. It features first-hand information shared by 11 of IFC’s Treasury underwriter banks on how they are advancing economic inclusion for LGBTI employees and customers.