Demographics and Population Size
The U.S. Hispanic population reached approximately 62.5 million in 2023, making it the largest ethnic or racial minority group in the country, according to the U.S. Census Bureau. This group accounted for about 51 percent of total U.S. population growth between 2010 and 2020, with a median age of 30.7 years compared with 38.4 years for the non-Hispanic white population.
Hispanic heritage spans multiple origin groups, including Mexican, Puerto Rican, Cuban, Salvadoran, Dominican, and Guatemalan communities. The 2020 census showed that 47.5 percent of U.S. Hispanics identified as White, 2.5 percent as Black or African American, 1.4 percent as American Indian and Alaska Native, 0.3 percent as Asian, and 46.3 percent as some other race, reflecting the diversity within Hispanic culture and heritage.
Buying Power and Business Ownership
U.S. Hispanic buying power reached an estimated 2.3 trillion dollars in 2023, growing roughly 50 percent faster than the non-Hispanic market over the past decade, according to a report by the Selig Center for Economic Growth at the University of Georgia. Hispanic-owned businesses numbered more than 4.6 million in 2022, generating over 800 billion dollars in revenue and employing more than 3.5 million people, as reported by the U.S. Census Bureau's Annual Business Survey.
Major consumer brands have expanded their Hispanic culture and heritage marketing efforts, with companies such as Walmart, Coca-Cola, and Netflix launching dedicated Spanish-language content and products. The SEC filing for Walmart's 2023 annual report highlights the company's focus on serving Hispanic customers through targeted store formats and bilingual e-commerce platforms.
Corporate Representation and Financial Services
Hispanic representation on Fortune 500 boards and C-suites remains below population share, with only about 4 percent of Fortune 500 CEOs identifying as Hispanic in recent surveys by the Hispanic Association on Corporate Responsibility. In financial services, institutions such as JPMorgan Chase, Bank of America, and Wells Fargo have launched dedicated Hispanic business banking units and small business lending programs to address the capital gap faced by Latino entrepreneurs.
The Hispanic culture and heritage investment space has grown, with firms such as Latino Investor Network and Hispanic Heritage Foundation connecting Latino founders with venture capital. According to data shared by Crunchbase, Hispanic-founded startups received less than 2 percent of total venture capital funding in recent years, prompting new initiatives by firms like Goldman Sachs and JPMorgan Chase to expand their Latino-focused investment teams.