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Preview of the 2023 State of Hispanic Wealth Report
The following are highlights from the upcoming 2023 State of Hispanic Wealth Report
Reaching the Hispanic Household Wealth Goal
In 2022, Hispanic household wealth rose to $63,400, reaching the Hispanic Wealth Project’s target two years ahead of schedule. While other racial and ethnic demographics have seen increases in household wealth during that same period, Hispanic household wealth has grown more rapidly than any other demographic group and Latinos were the only racial or ethnic demographic to increase their wealth by more than threefold, significantly outpacing the general population.
Latino homeowners have 26.4X Wealth compared to Latino non-homeowners
For American families, homeownership continues to be the largest contributor to wealth. Hispanic families who own their homes have, on average, 26.4x the net worth of those who rent. And, while rapid home price appreciation in recent years has allowed homeowners to grow their wealth at remarkable rates, higher home prices have inflated a growing affordability crisis and have raised the barrier of entry to homeownership for first-time buyers.
Latino Business Ownership Enables Wealth Building
The Hispanic Wealth Project also emphasizes the wealth-building potential of business ownership. Self-employed Latino households have, on average, 2.0x the wealth of those who aren’t self-employed. Plus, the rate of entrepreneurship among Latinos outpaces any other demographic group. The number of Latino-owned businesses increased rapidly during the COVID-19 pandemic, when millions of Americans experienced changes in employment. Yet, accessing capital remains a challenge for Hispanic entrepreneurs, which limits opportunities to scale and build wealth.
The Critical Role of Financial Diversification
The Hispanic community are enthusiastic real estate investors and open small businesses at an unmatched rate. Yet, the community has not fully tapped the potential of financial investments. The share of Latinos who own non-cash financial assets is increasing, yet, continued financial education is necessary to help the community understand how to utilize these assets to their benefit.
The Hispanic Wealth Project Initiatives
The Hispanic Wealth Project orchestrates various initiatives to help the Hispanic community build wealth in three categories: homeownership, business ownership, and savings and investments. These initiatives include the NAHREP 10 Certified Trainers, the HWP’s Angel Community, and the NAHREP REACH Labs. The Project is also committed to education, hosting various events and media, including the Women Building Wealth series, Wealth Stream News, and the annual HWP Wealth Symposium. Collectively, these programs and events further the HWP’s goal to increase Hispanic household wealth, through increasing homeownership, scaling small businesses, and diversifying investments.
Reaching the Hispanic Household Wealth Goal
In 2022, Hispanic household wealth rose to $63,400, reaching the Hispanic Wealth Project’s target two years ahead of schedule. While other racial and ethnic demographics have seen increases in household wealth during that same period, Hispanic household wealth has grown more rapidly than any other demographic group and Latinos were the only racial or ethnic demographic to increase their wealth by more than threefold, significantly outpacing the general population.
Latino homeowners have 26.4X Wealth compared to Latino non-homeowners
For American families, homeownership continues to be the largest contributor to wealth. Hispanic families who own their homes have, on average, 26.4x the net worth of those who rent. And, while rapid home price appreciation in recent years has allowed homeowners to grow their wealth at remarkable rates, higher home prices have inflated a growing affordability crisis and have raised the barrier of entry to homeownership for first-time buyers.
Latino Business Ownership Enables Wealth Building
The Hispanic Wealth Project also emphasizes the wealth-building potential of business ownership. Self-employed Latino households have, on average, 2.0x the wealth of those who aren’t self-employed. Plus, the rate of entrepreneurship among Latinos outpaces any other demographic group. The number of Latino-owned businesses increased rapidly during the COVID-19 pandemic, when millions of Americans experienced changes in employment. Yet, accessing capital remains a challenge for Hispanic entrepreneurs, which limits opportunities to scale and build wealth.
The Critical Role of Financial Diversification
The Hispanic community are enthusiastic real estate investors and open small businesses at an unmatched rate. Yet, the community has not fully tapped the potential of financial investments. The share of Latinos who own non-cash financial assets is increasing, yet, continued financial education is necessary to help the community understand how to utilize these assets to their benefit.
The Hispanic Wealth Project Initiatives
The Hispanic Wealth Project orchestrates various initiatives to help the Hispanic community build wealth in three categories: homeownership, business ownership, and savings and investments. These initiatives include the NAHREP 10 Certified Trainers, the HWP’s Angel Community, and the NAHREP REACH Labs. The Project is also committed to education, hosting various events and media, including the Women Building Wealth series, Wealth Stream News, and the annual HWP Wealth Symposium. Collectively, these programs and events further the HWP’s goal to increase Hispanic household wealth, through increasing homeownership, scaling small businesses, and diversifying investments.
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Hispanic Wealth Project Pillars
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