A Growing Market
Asian Americans are the fastest growing ethnic group in the US. According to the Census data released in May 2006, there were 12.7 million Asian Americans in 2005 -- 19.8% increase since 2000 and 77.3% since 1990. It is projected that Asian American population will increase to 14.6 million by 2010.
Best Educated
Asian Americans are the best educated population segment in the country. Nearly 50% of Asian Americans has a bachelor's degree or higher compared to 27% of the total US population.
Well Employed
Among all population segments, Asian Americans are the most likely to work in managerial and professional jobs. There are 46% of Asian Americans employed in high-paying job categories defined by Census Bureau, compared to 38% of non-Hispanic White, 27% of African Americans and 18% of Hispanics.
While Asian Americans represent 4.4% of all employed Americans, they account for about 25% of computer software engineers, 23% of computer hardware engineers, 30% of medical scientists, and 17% of physicians and surgeons.
Higher Income -- Much Higher
Asian Americans are exceptionally high earners. The median household income of Asian Americans is 25.7% higher than average, 15% higher than that of non-Hispanic White and 56% more than Hispanic's.
More than one out of four (28%) of Asian American household make $100,000 or more. Though the population base of Asian Americans is much lower than that of Hispanics and African Americans, there are more Asian American households with incomes topping $100,000. In fact, the number of Asian American households with incomes of $200,000 or more is about the same as Hispanic and African American families combined.
Asian Americans households are more affluent than any other population segments in the US. It is a fast growing group that no marketers can afford to miss.
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