All racial and ethnic minority groups are making financial gains, according to a new report from the University of Georgia.
This year’s Multicultural Economy Report from the Selig Center for Economic Growth, part of the University’s business school, says the gains aren’t happening at equal rates, but it notes that of the estimated $14.8 trillion in buying power nationally, Asian-Americans and Native Americans are estimated to have $2.4 trillion and Hispanics have $1.5 trillion in estimated spending power.
“The economic expansion has been quite good in recent years, and we’re still seeing the benefits of that for every group in America,” said Jeff Humphreys, who directs the Selig center and wrote the report, in a statement. “While minority markets are certainly enjoying more buying power than ever before, the rate of growth differs. We find the largest percentage increases in the Asian and Hispanic markets, followed by relatively slower rates of growth in the African-American and Native American populations. Whites comprise the largest share of the U.S. market, but have the slowest percentage rate of buying power growth.”
Hispanic estimated buying power grew by 212 percent since 2000, to $1.5 trillion. The market includes more than one out of every six Americans, according to the report.
The estimated buying power of African Americans saw a 114 percent increase since 2000, to 1.3 trillion.
Native Americans’ estimated buying power grew 185 percent to $115 billion.
Asian-Americans control an estimated 6.2 percent of the nation’s total buying power, at about $1 trillion, which is a 267 percent increase since 2000.