U.S. Latino economic output would rank 5th in world GDP, according to new study
Latino economic output grew substantially, from $2.1 trillion in 2015 to $2.8 trillion in 2020, according to a report by the Latino Donor Collaborative.
If U.S. Latinos were an independent country, their gross domestic product would rank fifth in the world, surpassing those of the United Kingdom, India and France, according to a report released Thursday.
The economic output of Latinos in 2020 was $2.8 trillion, up from $2.1 trillion in 2015 and $1.7 trillion in 2010, according to a report by the Latino Donor Collaborative in partnership with Wells Fargo. LDC is a nonprofit, nonpartisan group focused on reshaping perceptions of U.S. Latinos through data and economic research.
In terms of personal consumption, U.S. Latinos "represent a consumption market larger in size than the entire economy of nations like Canada or South Korea," the study found, reflecting Hispanics' gains in personal income through higher labor participation and educational advancement. In 2020, Latino consumption was measured at $1.84 trillion.
“This report proves that our country’s biggest growth opportunity lies in our U.S. Latino cohort,” said Sol Trujillo, a co-founder and the chairman of the board of the Latino Donor Collaborative. “We’re talking about not just population growth and workforce growth, but also economic growth in terms of wealth creation, businesses formed, homes purchased, products purchased, movie tickets and sports tickets bought, streaming subscriptions, you name it.”
Latinos, who make up 19% of the U.S. population, are responsible for more than half of the U.S. population growth from 2010 to 2020 and more than 65% of the population growth from 2019 to 2020. Latinos make up about 25% of American youths.
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