Asian-American population will reach 25.7 million by 2019. Asian-Americans will outnumber U.S. Hispanics by 2055 according to U.S. Census Bureau projections. There are about 22.3 million Asian Americans not including multi-racial.
Population levels are increasing by 500,000-700,000 each year from high levels of immigration.
The ethnic groups within Asian American in 2014 were
Chinese-American 20% Multi-racial 18% South-Asian Indians 17% Filipinos 16% Vietnamese 9% Koreans 9% Japanese 6%
Asian-Americans had the third-largest spending of all multicultural groups is US at $825 billion in 2014.
In 2022, Asian American spending power is projected to be $1.3 trillion.
If compared to national nominal GDP, Asian American spending power would be 17th. They would be behind Indonesia but ahead of Turkey and Netherlands.
Asian Americans are active online shoppers—spending an average amount of $1,151 on internet purchases in the last 12 months, 20% higher than online spending by non-Hispanic Whites.
In 2017, California had the largest Asian-American consumer spending with $323 billion.
Asian Americans have more smartphones (94% vs 86% for total population) and use and own more apps and gadgets.
Asian-Americans are the wealthiest segment of the U.S. population on a per-household basis.
Household median income of $74,829 (2014), the median Asian-American household income was 39% greater than the national median income of $53,657.
In 2014 Median household income for Asian-Americans was highest in
Northeast $78,592 West at $75,810 South $75,771 Midwest $62,420
Asian Americans are the most affluent and educated of any U.S. racial and ethnic group, and have the highest average household income at $110,523. Fifty-two percent of Asian-Americans have at least a bachelor’s degree.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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