Wealth Triples for Latinos & HWP 2023 Wealth Symposium Focus

One of the highlights of the 2023 HWP Hispanic Wealth Symposium held in November 2023 in Washington D.C., was the announcement that Hispanic wealth had tripled since 2013. Based on a report released on October 19^th by the Federal Reserve Board in their Survey of Consumer Finances (SCF), Hispanic household wealth increased by an amount that exceeded a goal established by the NAHREP and Hispanic Wealth Project™ (HWP) in 2014. In addition, median household wealth for Hispanics increased at nearly twice the rate of the overall population. Here is a recap of the SCF data and a look at how the Hispanic Wealth Symposium addressed the critical wealth driver: Access to Capital and entrepreneurship.

According to SCF data, Hispanic median household wealth reached $61,600 in 2022. Increasing at a faster rate than any racial or ethnic group. Changes from 2013-2022 (in 2022 inflation-adjusted dollars):

• Hispanics: 3.5x
• Non-Hispanic whites: 1.6x
• Blacks: 2.7x
• Other/multiple races: 2.5x
• General population: 1.9x

In 2013, the SCF reported that Hispanic median household wealth was $17,500, when adjusted for inflation. The following year, NAHREP announced a goal to triple Hispanic wealth and launched the HWP, an initiative born in the wake of the Great Recession, when Latinos lost a substantial portion of their household wealth. To guide that goal, the HWP produced a blueprint outlining three primary areas of focus, along with a series of targeted component goals for building wealth: increasing homeownership, scaling small businesses, and diversifying financial assets.

NAHREP and HWP released a report in September at the NAHREP at L’ATTITUDE event in Miami that detailed the primary drivers of Hispanic Wealth.

The November 2023 HWP Hispanic Wealth Symposium delved into wealth creation themes including a session on “Empowering Latino Entrepreneurs: Navigating Angel Investments, Venture Capital, and Startups” which dealt with the critical importance of enhancing access to capital for Latino entrepreneurs and startups. Moderator Chris Moreno, Angel Investor and Vice President, Real Estate & Channel Partners led a panel that discussed how Angel Investors and Venture Capitalists play a vital role in bridging the gap and helping startups scale for success.

• Pete Amaro, serving as a General Partner at L’ATTITUDE Ventures, contributed insights around investment strategies, identifying growth opportunities, and fostering support for Latino-led startups within the venture capital landscape.
• Ryan Croft, Investor, CEO, and Founder, offered insights rooted in his experiences navigating the startup ecosystem and emphasized the importance of educational resources and mentorship for aspiring Latino entrepreneurs, drawing from his role as an Entrepreneur in Residence at Georgetown University.
• Lionel Foster, investor at Camber Creek, provided perspectives on the real estate and technology sectors, discussed potential intersections and opportunities for Latino startups and investors within these realms.
• Mark L. Madrid, in his capacity as Associate Administrator at the Small Business Administration (SBA), highlighted government initiatives, resources, and policies aimed at supporting and empowering Latino entrepreneurs.

Overall, the panel shed light on how these various stakeholders—Angel Investors, Venture Capitalists, and government representatives—can collaborate to bridge the funding gap, provide mentorship, and create conducive environments for the growth and success of Latino-founded startups. The discussion encompassed strategies to enhance access to capital, address systemic barriers, and foster an inclusive entrepreneurial ecosystem to drive wealth creation within the Latino community.

The Hispanic Wealth Project will continue to convene entrepreneurs, academics, and policy leaders in 2024, including a Women Building Wealth Forum in San Diego on January 25^th.

Hispanic Wealth Project Pillars