$400 Billion Buying Power of Asian Americans - Packaged Facts report

With total buying power in excess of $400 billion, Asian Americans represent the single most affluent consumer group in the United States, according to Asian Americans in the U.S., a new report from market research publisher Packaged Facts.

With a higher per capita income than non-Hispanic whites, Asian Americans also trump their Hispanic counterparts with a per capita income that is 85% higher—$25,786 vs $14,007—and a median-household income more than 50% higher—$56,161 vs $35,929.

While Hispanics have often been portrayed as the fastest growing U.S. demographic, the Asian population of nearly 13 million has grown at a rate of only 1% less than that of Hispanics in the last five years. Packaged Facts projects that the Asian-American population will grow to 14.6 million by 2010, representing a cumulative growth of 14.7%.

Asian Americans tend to be wealthy, with a higher proportion of Asian-American households earning $100,000+ compared to non-Hispanic whites. Similarly, although their population base is much smaller than Hispanics and African Americans, there are more Asian-American families with incomes topping $100,000, and both Asian men and women outpace other ethnic groups with their annual incomes.

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