Blog

Hispanic Americans currently make up nearly one-fifth of the American population, according to 2022 Census data, and they are the largest racial or ethnic minority group in the country. They have also become a powerful force in the economy, having contributed an estimated $3.2 trillion of economic output in 2021, according to a report last month by the Latino Donor Collaborative — which would give them the fifth-largest GDP in the world if they were grouped as an individual nation. READ MORE AT FINANCIAL PLANNING

The Hispanic population in the United States has been one of the fastest-growing demographics over the past two decades. Still, there are a number of financial disparities between Hispanic and Latino Americans and their white peers, especially Latina women. Hispanic women earn a median annual salary of $39,511, compared with a median of $55,330 among white women and $61,740 for white men, according to Labor Department data.

Hispanic households of any race have a median net worth of around $31,700, compared with $187,300 among white, non-Hispanic households, the most recent Census Bureau data reveals. READ MORE AT CNBC

The economic impact of Latinos in the United States has been growing at more than double the rate of the overall U.S. economy, according to the latest Latino GDP report, released Wednesday by a team of researchers from California Lutheran University and UCLA.

It’s the first time in the report’s history the figure has climbed above $3 trillion. If Latinos in the U.S. were a nation, its economy would be the fifth largest in the world, bigger than that of the United Kingdom, India or France. READ MORE AT VC STAR

According to the 2019 Survey of Consumer Finances (SCF), significant wealth disparities exist between families of different races and ethnicities, including between white households and Hispanic/Latino households. White families have a median wealth of $188,200, whereas Hispanic families have a median wealth of $36,100. Another way to look at the SCF data is that the average white family has five times the wealth of the average Hispanic family. READ MORE AT BROOKINGS

The market for luxury brands is rapidly changing with a boom in the Hispanic consumer market, the fastest-growing demographic of households with incomes of $150k+, according to two new studies.

The rapidly rising affluence of Hispanics, their greater representation compared to other ethnicities in the top two quintiles, and the fact they are the fastest growing ethnicity bar none means they are an increasingly important demographic for brands to understand. READ MORE AT FORBES