The Hispanic Wealth Project (HWP), formerly known as the NAHREP Foundation, released its annual report (free download available at http://www.hispanicwealthproject.org/annual-report) revealing trends in key areas of homeownership, entrepreneurship and savings & investment. The report was shared at the HWP’s inaugural symposium in New York where over 150 leaders in public policy, housing, and corporate America will meet to discuss strategic solutions and measurable objectives toward the projects goal of tripling Hispanic household wealth by 2024.
“The Hispanic Wealth Project was formed as a response to the vanishing wealth Latinos experienced during the great recession when they lost two-thirds of their household wealth,” said Jerry Ascencio, chairman of the Hispanic Wealth Project, “We are encouraged by the commitments from several organizations that recognize how vital Latinos are to the U.S. economy and look forward to engaging additional partners in this important effort.”
Some of the key findings of the Hispanic Wealth Project Annual Report include:
- In 2011, the median White household had $111,146 in household wealth while the median Hispanic household had only $8,348. In 2013, while both groups experienced gains, the gap further widened with White household wealth at $141,900 and Hispanic household wealth at $13,700. Without active intervention this trend will likely continue unfettered.
- In 2015, Hispanics continued to drive homeownership growth for the U.S. accounting for 69 percent of the total net growth in U.S. homeownership. The current rate of Hispanic homeownership is 45.6 percent with the median Hispanic household noted as a renter household.
- At 4.1 million, the number of Hispanic-owned businesses has more than doubled in the last 13 years. Hispanics also had the highest rate of new business starts in 2015. With more than twice as many as the next largest grouping, Hispanic business starts far exceed those of any other minority demographic.
- In 2016, NAHREP released 10 principles designed to guide Hispanics toward a more disciplined approach to financial management and wealth creation.
During the symposium, HWP attendees will collaborate in working groups to identify partnerships and programs on focused on achieving a 50 percent (or greater) rate of U.S. Hispanic homeownership, increasing the success rate of Hispanic-owned businesses and increasing by 25 percent the number of Hispanic households owning non-cash financial assets.
The Hispanic Wealth Project is supported by the NAHREP membership and partners that include Wells Fargo, Bank of America, Citibank, Freddie Mac, Clearpoint Financial Services, Base 11, Chase, City View, Quicken Loans, and Union Bank.
For more information and to get involved in the project visit http://www.hispanicwealthproject.org.