The Census Academy of the United States Census Bureau recently hosted a webinar titled “Exploring the Diversity and Growth of the Asian American Population,” revealing that in 2021 the Asian population in the United States was roughly 23 million — 1.2% up from 2020.
The webinar revealed other key areas of growth for the population, which is highly diverse.
As of 2021, Chinese were estimated to have the largest Asian population of 5.2 million in the U.S., followed by Indians with a population of 4.8 million, and Filipinos with a population of 4.4 million. California had the largest Asian population of 7 million followed by New York with an Asian population of 2 million. Idaho had the fastest growing Asian population in 2021 with an increase of 5.4% over 2020’s numbers.
Asian Americans represent more than 30 different nationalities and ethnic groups. Within a single nationality, there are significant differences in regional dialects, religions and cultures.
According to the 2017 National Population Projections, the third set of projections based on the 2010 Census covering the period from 2017 to 2060, beginning in 2030, net international migration is expected to be the main driver of population growth in the US. The fastest-growing racial or ethnic group in the United States is made up of people who are two or more races.
This group is projected to grow by 200% by 2060. The next fastest is the Asian population, which is also projected to double.
In 2020, there were 612,194 Asian-owned businesses, making Asians the highest among all minority groups in terms of number of minority-owned US employer firms. Of the 612,194 Asian-owned firms, approximately 23.8% were in the Accommodation and Food Services sector. Simultaneously, Asian-owned firms were found to account for 8.6% (approximately 2.3 million) of the nonemployer businesses in 2020. Asian-owned firms were recorded to have $106.1 billion in receipts, making Asian-owned firms to be the businesses that have the most receipts among all firms owned by minority race groups. It is also worth mentioning that while the median household income in the United States was $74,755 in 2022, the median Asian household income in the United States in 2022 was $106.954. Furthermore, 52.6% of the Asian alone or in combination population are householders or spouses with regard to the population in households. Also, it was released by the Census Bureau that in 2021, 55.1% of the Asian alone or in combination population aged 25 and older had a bachelor’s degree or higher level of education.
It was predicted by Chia, Chief Investment Officer of Bank of Singapore, that Asia’s long-term growth rates for the next decade will outpace American and European countries. According to the World Bank, the GDP per capita for a few countries in Asia – such as Singapore with a GDP per capita of 82,807.6 USD, Japan with a GDP per capita of 34,017.3 USD, and Hong Kong, China with a GDP per capita of 48,983 USD – were relatively comparable to the United States which has a GDP per capita of 76,329.6 USD. It is also worth noting that while India has a relatively low GDP per capita of 2,410 USD in comparison to the United States or Singapore, the annual percentage growth rate of GDP for India was 7.2% which was relatively high. Also, it is expected that Asia is ready to regain its position as the main engine of growth for the global economy and is ready to play a greater role as a diversifier for global investors and businesses in 2024 and beyond.