Report finds Hispanic Americans are narrowing wealth gap, rapidly gaining in upward mobility

Looking ahead, the report sets a new goal to reduce the wealth gap between Hispanic and non-Hispanic White households by 50 percent by 2034.Photo byGiorgio TrovatoonUnsplash

The Hispanic Wealth Project (HWP) and the National Association of Hispanic Real Estate Professionals (NAHREP) have unveiled their 2024 State of Hispanic Wealth Report, celebrating a decade of significant progress in Hispanic economic mobility. The report highlights the achievement of the HWP’s bold goal to triple Hispanic household wealth by 2024, surpassing this target two years early.

Looking ahead, the report sets a new goal to reduce the wealth gap between Hispanic and non-Hispanic White households by 50 percent by 2034. To meet this objective, the HWP will focus on four key areas: real estate, business ownership, financial assets, and asset protection, with a renewed emphasis on preserving wealth across generations.

The report addresses and dispels common myths about Hispanic economic contributions:

• The wealth gap has shrunk by nearly half since 2013, especially among younger Hispanics.
• 71 percent of real estate purchases by Hispanic borrowers are in middle and upper-income neighborhoods.
• Hispanic-owned employer businesses are growing rapidly, outpacing overall business growth.
• Nearly all Hispanic households (96 percent) have bank accounts, reflecting strong financial engagement.
• 1.2 million Hispanic households have over $1 million in net worth, underscoring the need for estate planning.