Latino Population and Economic Power
The U.S. Latino population reached 62.5 million in 2023, making up 19.1% of the total U.S. population according to the U.S. Census Bureau. Latino purchasing power topped $2.3 trillion in 2023, projected to reach $2.7 trillion by 2028, based on data from the Selig Center for Economic Growth at the University of Georgia.
Latino-owned businesses grew to 4.7 million in 2023, generating $800 billion in revenue, per the latest U.S. Census Bureau Annual Business Survey. These firms expanded at 34% faster than the national average over the past decade, with significant clusters in California, Texas, and Florida.
Latino Representation in Finance and Tech
Latino professionals hold 8.2% of executive or senior-level roles in S&P 500 companies as of 2023, per a Deloitte analysis. In finance, Latino-founded fintech startups raised $4.6 billion in venture capital in 2023, led by companies like Ellevest and Gusto, which expanded Latino-focused financial products.
In tech, Latino employees make up 8% of the workforce at major firms such as Tesla and SpaceX, according to their latest annual diversity reports. Tesla's 2023 workforce data shows 9% Latino representation in technical roles, while SpaceX reports 7% across engineering and operations functions.
Key Latino Heritage Contributions and Milestones
Business and Innovation Leaders
Carlos Slim, the Mexican-American investor, maintained a net worth of $93 billion in 2023, ranking among the top 10 wealthiest individuals globally per Forbes. In the U.S., Jorge Mas Canosa founded the Cuban American National Foundation in 1981, shaping policy and business ties between the U.S. and Latin America.
Modern Latino entrepreneurs include the founders of Grubhub, founded by Matt Maloney, and the co-founders of Nubank, Latin America's largest digital bank, which serves over 100 million clients. Nubank's IPO on the New York Stock Exchange in 2021 raised $2.5 billion, marking a milestone for Latino-led financial innovation.
Cultural and Economic Milestones
The first Latino-owned company listed on the NYSE was Grupo Televisa in 1972, paving the way for future public listings by Latino entrepreneurs. Today, companies like Mercado Libre, the largest e-commerce platform in Latin America, process over $15 billion in annual gross merchandise volume.
Latino Heritage Month, observed from September 15 to October 15, highlights contributions to U.S. GDP, which Latino consumers and businesses contribute over $10 trillion annually when accounting for cross-border trade. The U.S. Chamber of Commerce reports that Latino businesses are a top driver of small business job growth, adding 150,000 jobs in 2023.