Making America Rich Again: The Latino Effect on Economic Growth, shows that the Latinx community is younger, more educated and more entrepreneurial than many might expect, and is driving job creation, income growth and new business formation for the entire country.
This was a study sponsored by RBC Capital Markets (RBC) and the Latino Donor Collaborative (LDC).
Latinos are the fastest-growing ethnic group in the country, accounting for 53% of U.S. population growth since 2000.
From the study:
– As consumers, Latinos wield more than $1.3 trillion in buying power.
– The number of affluent Latinx households is growing much faster than for the overall population;
– Latinos are creating new businesses faster than other Americans. Latinx-owned business grew by 46 percent 2007-2012. Hiring in Latinx-owned businesses increased 22 percent;
– Latinos were responsible for 29% of real income growth in the United States 2005-2015, with the number of Latinx households with incomes over $150,000 growing 194 percent;
– The median Latino age is 28 years old, nine years younger than the U.S. population at large.
Educated, tech-savvy Latinos are going to be bringing an instant boost of innovation and energy to corporations who understand the business case for diversity.
Wealthy Mexican businessmen are also pouring millions of dollars into the largest economy in the world. They seek to take advantages of their proximity to the U.S. and its foreign investment-friendly laws.
In 2012, Mexican investment in the U.S. went up by 11% and at $27.9 billion.
[A version of this article first appeared on Fortune.com]
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