• Facts
    • Over 4.1 million minority-owned businesses are making to the growth of the U.S. and global economies.
    • In 2002, MBEs represented almost 18 percent (4.1 million) of classifiable firms, grossed 8 percent of all annual gross receipts ($668 billion) and employed 9 percent of all paid employees (4.7 million).
    • In 2002, Asian-owned firms generated the largest annual gross receipts, $326 billion, which represented almost 45 percent of all minority receipts in that year.
    • Asian-owned firms employed the largest number of people, 2.2 million in 2002. This represents nearly 50 percent of all employees hired by minority-owned firms.
    • The Asian population 18 years and above represented 4.5 percent of the U.S. population of the same age group, and owned 4.9 percent of all U.S. businesses.
    • Asian Americans spend a total of up to $150 billion a year. They have the highest per capita household income, the highest education levels, the highest rate of entrepreneurial activity and the fastest population growth rate.
    • Asian American households earned an average income of $46695,versus $40646 for whites, $30301 for latinos and $25872 for African Americans. About 38% of Asian Americans hold bachelor’s degrees or higher, versus 22% for whites, 11% for blacks and 10% for Latinos.
    • The Asian American population is growing at an annual rate of 5.2%, far above the 3% for Latinos, 1.6% for blacks and 0.6% for whites.
    • Asians own 600,000 businesses in the United States, with a growth rate of 61% from 1987 to 1992, versus 21% for the general population.
    • Major ad agencies have started to buy up these specialized firms-starting with Young & Rubicam’s purchase of Kang & Lee-as they recognize the significant purchasing power of Asian Americans.
    • Asian buying power has the second fastest projected rate of growth, behind Hispanic buying power. Asian buying power will grow 434 percent between 1990 and 2011 (versus the 457 percent gain for Hispanics).
    • The estimated buying power of the Asian American in 2003: $344 billion.
    • Asian Americans are most likely, of all groups, to have a household computer and internet access.
    • Kang & Lee: Asian American-Owned Businesses-Grap.
    • Across Southern California, the Asian population has increased by roughly 19% since 2000.
    • Between 2004 and 2009, the buying power of Asian Americans will outpace the growth of any other ethnic groups.
    • The median HH income of Asian Americans is 32% higher than the total US population.
    • Asian Americans index high for being married and having children.
    • Half of Asians live in three states: California, New York, Texas.
    • Easy to reach: two-thirds of Asians living in the U.S. are concentrated in 10 markets.
    • Asians were more likely than the total population to be in married-couple families.
    • About 80 percent of Asians had a high school diploma or more education.
    • Fashion designer and mogul Vera Wang, who is famous for designing dresses for high-profile celebrities, started a clothing company, named after herself, which now offers a broad range of luxury fashion products.
    • Amar Bose founded the Bose Corporation in 1964.
    • Jerry Yang co-founded Yahoo! Inc. in 1994 and became its CEO later.
    • Andrea Jung serves as Chairman and CEO of Avon Products.
    • Steve Chen and Jawed Karim were co-creators of YouTube, and were beneficiaries of Google‘s $1.65 billion acquisition of that company in 2006.
    • Connie Chung was one of the first Asian American national correspondents for a major TV news network, reporting for CBS in 1971.\
    • In 1989, Emil Guillermo, a Filipino American born reporter from San Francisco, became the first Asian American male to co-host a national news show when he was senior host at National Public Radio’s “All Things Considered.”
    • In 1990, Sheryl WuDunn, a foreign correspondent in the Beijing Bureau of The New York Times, became the first Asian American to win a Pulitzer Prize.
    • Lieutenant Colonel Ellison Onizuka, the first Asian American, and third person of Asian descent, in space. LTC Ellison Onizuka became the first Asian American (and third person of Asian descent) when he made his first space flight aboard STS-51-C in 1985. Onizuka later died aboard the Space Shuttle Challenger in 1986.
    • In 2003, Kalpana Chawla became the first Indian American in space, but died aboard the ill fated Space Shuttle Columbia.
    • Wataru Misaka broke the NBA color barrier when he played for the New York Knicks in the 1947–48 season.
    • Erik Spoelstra became the youngest coach ever in NBA history. He is currently the head coach of the Miami Heat.
    • Dat Nguyen was an NFL middle linebacker who was an all-pro selection in 2003 for the Dallas Cowboys. In 1998, he was named an All-American and won the Bednarik Award as well as the Lombardi Award, while playing for Texas A&M University.
    • Hines Ward who was born to a Korean mother and an African American father, is a former NFL wide receiver who was theMVP of Super Bowl XL and Ward also won the 12th season of the Dancing with the Stars television series.
    • Sammy Lee became the first Asian American to earn an Olympic Gold Medal, winning in platform diving in both 1948 and 1952.
    • Victoria Manalo Draves won both gold in platform and springboard diving in the 1948.
    • Apolo Ohno who is of Half-Japanese[68] descent is a short track speed skater and an eight-time Olympic Medalist as well as the most decorated American Winter Olympic athlete of all time. He became the youngest U.S. national champion in 1997 and was the reigning champion from 2001 to 2009, winning the title a total of 12 times. In 1999, he became the youngest skater to win a World Cup event title, and became the first American to win a World Cup overall title in 2001, which he won again in 2003 and 2005. He won his first overall World Championship title at the 2008 championships.
    • Michael Chang was a top-ranked tennis player for most of his career, and the youngest ever winner of a Grand Slam tennis tournament in men’s singles. He won the French Open in 1989.
    • Tiger Woods, who is partially of Asian descent, is the most successful golfer of his generation and one of the most famous athletes in the world.

 

  • Articles

· Asian-Owned Businesses: A Thriving Segment of the U.S. Economy

http://www.creditdonkey.com/asian-business.html

· U.S. retailers tailor fashions to Asian tastes

http://articles.latimes.com/2011/dec/05/business/la-fi-fashion-asians-20111205

· China ranks No. 2 in buying power, World Bank says

http://www.reuters.com/article/2008/04/11/worldbank-china-idUSN1145131520080411

· Purchasing Power with Passports

http://www.uschina.usc.edu/article@usct?purchasing_power_with_passports_18011.aspx

· China’s Ever-Changing Landscape

http://www.uschina.usc.edu/article@usct?chinas_ever-changing_landscape_18991.aspx

· China’s Housing Market

http://www.uschina.usc.edu/article@usct?chinas_housing_market_18985.aspx

· Endangered Species in China

http://www.uschina.usc.edu/article@usct?endangered_species_in_china_18905.aspx

Beijing In Transit

http://www.uschina.usc.edu/article@usct?beijing_in_transit_18805.aspx