$1.3 Trillion in Purchasing Power
According to Nielson, the collective purchasing power of Asian Americans is over $1 trillion, growing 314% between 2000 and 2019, far exceeding the increase in purchasing power of all other racial and ethnic groups over the same period. For comparison, the total U.S. buying power grew 119% during the same period. Yet, Asian American purchasing power is expected to grow.
3 Million AAPI-Owned Businesses
There are 3 million AAPI-owned businesses and 643,000 Asian employer firms in the United States. AAPI employer-owned businesses represent nearly 13 percent of all employer businesses, contribute more $1.0 trillion in receipts and more than 5.2 million jobs to the U.S. economy. AAPI-owned employer businesses have outperformed non-minority-owned businesses in terms of growth in number of businesses and employees, as well as in growth of gross receipts.
Our outsized contributions
Business and Entrepreneurship
Data on Asian-owned employer (2022 survey) and non-employer businesses (2018 data) at the U.S. Census.
2024 Firms in Focus chartbooks on small business data (FED Small Business). The 2024 Firms in Focus chartbooks break down data from the Federal Reserve’s 2023 Small Business Credit Survey by business characteristics, owner demographics, and geographic location (states and metropolitan statistical areas).
Infographics (2019 data) on Asian-owned business in the United State at the U.S. Small Business Administration.
The Wells Fargo 2024 Impact of Women-Owned Businesses: A focus on Asian American women (The WIPP Education Institute)
AAPI Small Businesses Surveys at National ACE (National Asian/Pacific Islander American Chamber of Commerce)
Nearly 44% of Fortune 500 companies were founded by immigrants or their children research at the American Immigration Council, a non-profit, non-partisan organization with a focus on immigrants and immigration.
Survey: Inflation Driving New Business Creation in 2022 As Entrepreneurship Continues to Surge (2023, Gusto)
Restarting New York’s Economic Engine: Tapping the Strength of Asian Businesses (2022, Asian American Federation)
Infographics (2012 data) of Asian-owned business in the United States at the U.S. Small Business Administration.
Income, Taxes, and Wealth
We know more, but not enough, about the tax treatment of Asian American families (2024, The Brookings Institution).
2022 Consumer Expenditures Survey by “Race of reference person” (U.S. Bureau of Labor Statistics) The Consumer Expenditure Surveys provide data on the spending habits, income, and taxes of U.S. consumers.
The State of the Asian American Middle Class (2010 to 2023), Income Inequality by Asian Origin Group in the U.S. (2022) by Pew Research Center.
Wealth of Asian families (2022, US Survey of Consumer Finances)
Diverse Viewpoints: Exploring Wealth in the AAPI Community (2023, Merrill, a Bank of America company)
New American Dynasties: Inside the World of Affluent Asian Americans (2023, Ipsos)
Economics and Influence
Asian American household spending and expenses (MyAsianVoice analysis of consumer expenditure data from the U.S. Bureau of Labor Statistics).
2022 Consumer Expenditures Survey by “Race of reference person” (U.S. Bureau of Labor Statistics) The Consumer Expenditure Surveys provide data on the spending habits, income, and taxes of U.S. consumers.
Asianomics in America: Contributions and Challenges (2022, Goldman Sachs) Key economic trends shaping the Asian American experience in the U.S., barriers to advancement in the workplace and representation in top leadership positions, and contributions made to innovation and GDP growth by Asian Americans.
2022 Asian American Market Report (Claritas)
Economic Contributions and Growth of Asian American and Pacific Islanders in the U.S. (2021, The New American Economy, a bipartisan research and advocacy organization)
Reaching Asian American Audiences: Understanding Asian influence and media consumption (2024, Nielsen)
Hope and Action: The Growing Influence of Asian Americans (2021, Nielsen)
Asian American Women: Digitally Fluent with an Intercultural Mindset (2017, Nielsen) The combination of youth, digital fluency and an intercultural mindset, makes Asian American women a powerful consumer segment.