The Greenwood Initiative
Bloomberg Philanthropies’ Greenwood Initiative is a philanthropic effort that seeks to create wealth-building opportunities for those in the bottom half of the wealth distribution. Barriers to wealth-building activities — including access to higher education, acquisition of housing and land, and business ownership — narrow opportunities for full economic participation with lasting profound impact.
Using Data to Tackle the Wealth Gap
At Bloomberg, we believe in facts and data.
In 2022, Bloomberg Philanthropies’ Greenwood Initiative announced the creation of the Black Wealth Data Center (BWDC). The data platform is a go-to resource for decision-makers working to address wealth disparities, making relevant data available so they can help ensure more Americans can achieve the American Dream.
Major Investments in Historically Black Medical Schools
In August 2024, Bloomberg Philanthropies announced a new $600 million gift to bolster the endowments and support the financial sustainability of the nation’s four Historically Black Medical Schools: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. An additional $5 million in seed funding was announced to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans founded by Xavier University of Louisiana, a Historically Black University with a strong track record of sending graduates into the medical field, and Ochsner Health. This gift builds upon Bloomberg Philanthropies’ Greenwood Initiative’s 2020 gift of $100 million to Historically Black Colleges and Universities (HBCUs), which reduced the burden of debt for nearly 1,000 future doctors.
Expanding Access to STEM Fields
The Vivien Thomas Scholar Initiative (VTSI) honors Dr. Thomas’ legacy by establishing and strengthening pathways so that students from a broad range of academic backgrounds can pursue and receive PhDs in STEM fields at Johns Hopkins. Since its founding in 2022 through a $150 million initiative backed by Bloomberg Philanthropies, the VTSI has welcomed 54 students from more than 40 institutions across the United States to into PhD programs in 21 different disciplines across four Hopkins divisions.
Increasing COVID-19 Vaccination Efforts to Ensure Greater Access to All Communities
In April 2021, Bloomberg Philanthropies announced an investment of over $6 million in support of COVID-19 vaccine operations run by the nation’s four Historically Black Medical Schools — Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science — via mobile vaccine services to ensure greater access in Nashville, TN, Washington, DC, Atlanta, GA, and Los Angeles, CA. The schools’ mobile units reached at-risk populations and worked with trusted partners, such as churches and senior centers, to set up temporary vaccination sites.
Supporting Local Efforts to Build Wealth
Since 2012, Bloomberg Philanthropies has supported the Cities for Financial Empowerment Fund (CFE Fund) in partnering with local governments to assess and define local priorities for improving their residents’ economic well-being. Through collaboration on programs including Financial Empowerment Cities and the CityStart initiative, local leaders get tools and data to identify asset-building opportunities and to help create pathways for intergenerational wealth within their communities.
Top photo: Howard University College of Medicine student Micah Brown is one of the many future doctors who will have had their futures changed by a $100 million commitment to the United States’ four historically Black medical schools.