With an increasing buying power and population, coupled with a tradition of entrepreneurial drive and competitive spirit, Asian Americans are a segment of the population that cannot be ignored. The following facts and statistics will give you a clear picture of Asian American businesses and the community.

Asian American Demographics

• In 2004, there were nearly 12,097,281 Asian Americans and 403,832 Pacific Islanders in the United States, comprising 4.2 percent of the total population.  These figures do not include people of multiple race heritage.
• Current projections estimate the Asian American and Pacific Islander population will reach 34 million by 2050 based on birthing patterns and immigration trends.
• By 2020, Census projections estimate that there will be 20 million APAs in our nation. The elimination of racially based immigration quotas in 1965 and the subsequent waves of immigrants and refugees from Southeast Asia and the Pacific Islands diversified and increased the number of APAs.
• The top six Asian American populations are Chinese, Filipino, Japanese, Korean, Asian Indian, and Vietnamese

• With approximately $230 billion in spending power, Asian Americans are a powerful force in the United States consumer market
• In 2000, Asian and Pacific Islanders had the highest median household income, at $51,205, among all ethnic races in the United States Geometric Growth

• Asian American-owned companies experienced a growth rate of 30 percent from 1992 to 1997, and a revenue growth rate of 46 percent during the same time period
• At 913,000 firms, Asian American-owned businesses generated a total of $306.9 billion in sales with each firm averaging $336,200
• Asian American-owned businesses employed more than 2.2 million workers in 2000.
   
• Over 50 percent of all minority-owned businesses whose sales exceeded one million dollars were Asian American-owned.

Comparison with Other Supplier Markets

• Although Asian American businesses represent only one-third of all minority businesses, Asian American-owned businesses accounted for a gross receipt of $306 billion or 51.3 percent of the $598.2 billion revenue of all minority-owned businesses generated in 1997
• Revenues were far higher for businesses with employees than for self-employed individuals without employees
• The number of businesses owned by Asian Americans in 1997 was 913,000, compared with Hispanic-owned businesses at 1.1 million and African American-owned at 823,499 Business Profile
• Asian American-owned firms are not just dry cleaners and “mom-and-pop” grocery stores. Asian American businesses represent all industries including: Engineering * Accounting * Research * Facilities Management * Advertising, Marketing & Public Relations * Real Estate * Healthcare * Security & Commodity Brokers * Manufacturing * Transportation.

 

Top 6 Asian American business groups by ethnicity:

Group	Number of Firms	Gross Receipts
Chinese	252,577	106,196,794
Asian Indian	166,737	67,503,357
Korean	135,571	45,936,497
Vietnamese	97,764	9,322,891
Japanese	85,538	43,741,051
Filipino	84,534	11,077,885

 

Survey of Minority Small Business Owners, 2002:

Minority groups	All firms
	Firm Number	Percentage share of all firms  (%)	Annual Sales / receipts $ million	Percentage share of total sales / receipts (%)
Asian Pacific American	1,137,628	27.6%	348,542	50.2%
Hispanic	1,574,159	38.2%	226,468	32.6%
Black	1,197,988	29.1%	92,682	13.4%
Am Indian	206,125	5.0%	26,396	3.8%
Total	4,115,900	100.0%	694,088	100.0%

Source: U.S. Census Bureau, Company Statistics Division,

Economic Census Branch (July 28, 2005)

 

Asian American Populations:

U.S. Total                                           281,421,906

 

1. Chinese, Except Taiwanese               2,734,841

2. Filipino                                              2,364,815

3. Asian Indian                                      1,898,828

4. Korean                                              1,228,427

5. Vietnamese                                       1,223,736

6. Japanese                                          1,148,932

7. Other Asian, not specified                    369,430

8. Cambodian                                          206,052

9. Pakistani                                              204,309

10. Laotian                                               198,203

11. Hmong                                               186,310

12. Thai                                                    150,283

13. Taiwanese                                          144,795

14. Indonesian                                           63,073

15. Bangladeshi                                         57,412

16. Sri Lankan                                            24,587

17. Malaysian                                             18,566

18. Burmese                                              16,720

19. Okinawan                                            10,599

20. Nepalese                                               9,399

21. Singaporean                                           2,394

22. Indo Chinese                                             199

23. Iwo Jiman                                                    78

24. Maldivian                                                    51

Source: 2000 Census 2000

             Southeast Asia Resource Center (www.searac.org)